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. Spiegel said he was “thrilled” with the deal, which values Snap at about $41bn, or roughly half
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.