Snap Cofounders' Fortunes Rise A Combined $2.8 Billion On IPO Day

That makes it the biggest United States technology IPO since Alibaba Group Holding in 2014, despite the fact that Snap has never made a profit.

The stock soared, with the company is now valued at a whopping $22 billion.

Snap said it set its initial public offering share price at $17, above the expected range of $14 to $16, because of high investor demand. "We're glad to offer Libertex clients the contracts for this financial instrument that will let them enhance their trading portfolio".

On Wednesday, Snap raised $3.4bn in its initial public offering, which was 12 times over-subscribed. Most traders try to take advantage of this period.

Snapchat's parent company Snap is working on a new hardware product, which happens to be a drone.

Snapchat's success has forced larger tech services like Facebook, Twitter and Instagram to clone its features, with mixed success.

"It's going to be bringing a different type of investor to the table", Zell says.

Nonvoting shares means that investors who buy Snap stock, which will trade under the ticker SNAP on the New York Stock Exchange, won't be very attractive to activist investors.

Saint Francis High School in Mountainview, Calif. invested $15,000 in Snapchat's seed round when the dad, Lightspeed Partner Barry Eggers, invited the school's board to participate in the seed round with his firm.

Factoring in the voting premium on their shares, both Spiegel and Murphy's net worth could be above $6 billion. FORBES had previously estimated their fortunes at $4 billion based on the social media company's latest private valuation of $18 billion.

Snap's offering was well timed, with investors clamouring for fresh opportunities after 2016 marked the slowest year for tech IPOs since 2008.

School leaders say they plan to release more information later Thursday.

  • Salvatore Jensen