With more than 100 million daily users Snapchat is one of
the world's largest social media apps, and with it's recent
valuation it is now one of the most expensive. After turning
down an earlier offer from Facebook, founder 26 year old
Evan Spiegal must be laughing his way to the bank, the guy
is now a baller, not bad returns for an app he founded at
university. Perhaps Spiegal can use some of his wealth for
his planned wedding to actress Miranda Kerr, as they have
been engaged since the summer.
This is the largest technology flotation since Facebook
launched for $81bn in 2012. Being closer to Google's $23bn
launch, although that was back in 2004.
Snapchat's biggest market is the 13-24 year olds,
accounting for 60% of its users, and the company has
recently released 'Snap Spectacles'. A rival to 'Google Glass',
designed to connect to phones the glasses can send photos
and videos from the app. You have to be lucky though, as
they have only been sold at vending machines found in
special locations around The USA!
With the release of the spectacles hardware and the
recent stock market flotation it seems that Snapchat are in
it for the long run and are ready and willing to challenge the
other tech giants, who knows how long this will last, but at
the minute it's looking like $napca$h.
GUESTLIST
2016 / ISSUE 93
17
TECHNOLOGY
In 2013 Snapchat turned down a HUGE THREE BILLION DOLLARS cash offer from Facebook. The parent company of
Snapchat, 'Snap' has now filed to be listed on the US stock market. The IPO which will be handled by Goldman and Sachs
is now worth over 20 BILLION DOLLARS.
SNAPCHAT FILES FOR STOCK MARKET FLOAT. VALUE? $20BN+
