Snap shares, trading under the ticker symbol SNAP on the New York Stock Exchange, opened at $24, up 41 percent, and then traded above that price. It's just a bummer that Snap seems like it's doomed, since it lost over half a billion dollars past year. The school's initial $15,000 investment is now worth $24 million after the $17 per share opening price.
Shares started trading at $23.70, up from their IPO price of $17. That has investors wondering whether the company will end up more like Twitter, with its troubles attracting users and declining stock price, or Facebook, with soaring user numbers and stock price.
The company has been vague on its plans to lead and monetize image-driven conversations, but has suggested investors put faith in the vision of its cofounder Evan Spiegel, whom it introduced in its investor roadshow as a "once-in-a-generation founder".
Snap shares scored an initial pop of almost 40 percent when they started trading on the public market Thursday.
Despite a almost seven-fold increase in revenue, Los Angeles-based Snap's net loss widened 38 percent past year.
After pricing its IPO at $17 a share, the owner of the popular disappearing-message app has a market value of roughly $24 billion, more than double the size of rival Twitter Inc and the richest valuation in a USA tech IPO since Facebook five years ago.
Last year, Snap rebranded itself as a camera company, introducing sunglasses that connect with the app and show friends what the user is seeing.
The year before Twitter's IPO, it lost $79 million, while Facebook made $1 billion.
After a long drought for tech offerings, Snap's IPO is the nerviest stock-market debut in years, in more ways than one. Despite the popularity, analysts warn that the company is young and has yet to generate profits.
Snap is the first U.S. IPO to exclusively sell nonvoting stock, depriving shareholders of a say in corporate matters entirely.
It's looking like Sacca really missed out on this opportunity, but he's done well with other risks, like investing in Twitter, Uber and Instagram early on.