Snap, the parent company behind tech company Snapchat, is worth $more than $27 after its shares soared to 38bn on Friday, its second day of trading on the New York Stock Exchange. The valuation puts Snap ahead of Twitter, eBay and Delta, and means co-founder Evan Spiegel, 26, has seen his personal fortune increase by $6bn. In addition, NBCUniversal has invested $500m in Los Angeles-based Snap and has agreed to hang on to the shares for at least a year. Co-founder Bobby Murphy, 27, is estimated to be worth $5bn after the float.
Snap, the parent company behind tech company Snapchat, is worth $38bn after its shares soared to more than $27 on Friday, its second day of trading on the New York Stock Exchange. The valuation puts Snap ahead of Twitter, eBay and Delta, and means co-founder Evan Spiegel, 26, has seen his personal fortune increase by $6bn. In addition, NBCUniversal has invested $500m in Los Angeles-based Snap and has agreed to hang on to the shares for at least a year. Co-founder Bobby Murphy, 27, is estimated to be worth $5bn after the float.