Snapchat, headed by Fil-Am billionaire, goes public

ABS-CBN News

Posted at Mar 04 2017 10:33 AM

It was a big day for a Filipino-American billionaire at the New York Stock Exchange.

Snap Inc., the company responsible for the popular disappearing image/video messaging app, Snapchat, went public.

Ringing the official bell was Fil-Am co-founder and chief technology officer, Bobby Murphy, along with co-founder and CEO, Evan Spiegel.

The five-year old Snap is the latest social media network to go public, following Facebook and Twitter.

Snap Inc’s initial public offering was a whopping $3.4 billion, with shares starting at $17.00

The 28-year-old Murphy grew up in Northern California and graduated from Stanford University, and is one of the world youngest billionaires.

With an estimated value of US$4 billion, he ranks 374th in the Forbes 400 list.

Despite the success, some of Snapchat’s neighbors are giving mixed feelings on the company’s quick growth.

As some welcomed the possibility of more business, others held protests outside of their Venice Beach headquarters fearing that the start-up company could create gentrification.

Read more on Balitang America