Shares of Snapchat parent company open at $24

Outlining the financial details of its initial public offering, Snap Inc. said it expects net proceeds of some $2 billion

The stock price places the company's market value at around $24 billion. It's just a bummer that Snap seems like it's doomed, since it lost over half a billion dollars a year ago.

A Bay Area high school that counts itself among Snap Inc.'s first investors stands to win big after a booming initial public offering and first-day trading.

Snap said earlier that it will use a small portion of the proceeds for settling tax obligations related to stock options.

The shares were popular despite the IPO being unusual in that investors got no voting power - with its co-founders Evan Spielgel and Bobby Murphy continuing to maintain tight control over its future.

Silicon Valley has been buzzing about Snap's IPO for months.

Investor Research Report on TD Ameritrade Holding Corporation (NASDAQ:AMTD)
The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website . The share price is now 0.48 percent versus its SMA20, -1.8 percent versus its SMA50, and 22.48 percent versus its SMA200.

The Venice-based company will offer 200 million shares of stock, putting the total value of the initial public offering at $3.4 billion. The shares are expected to begin trading on the New York Stock Exchange on March 2, 2017 under the symbol "SNAP". In fact, Snap will be worth twice as much as Twitter's current market cap.

Just a matter of days after its Spectacles went on sale, people briefed on Snap's upcoming products stated that a drone is one direction that the company is considering going in. And though Snap has yet to make a profit - the company lost $515 million a year ago, many analysts say one of the biggest worries investors have about the deal is the fear of missing out. Meanwhile, Snap's chairman Michael Lynton planned to sell nearly 55,000 shares in the offering, bringing in more than $930,000.

A drone could represent another growth opportunity for Snap as competitors continue to clone its breakthrough feature: the ability to compile disappearing photo and video Stories that users can decorate with filters, effects, and other designs.

Earlier this morning Snap Inc. became a publicly traded company. Last year, it reported sales of $405 million and a net loss of $515 million.

The amount, on paper, at least, puts Spiegel in a rarified club of tech billionaires alongside Bill Gates, Google co-founder Larry Page, and Oracle co-founder Larry Ellison.

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