Snap’s Debut In The Market Just Made Its Co-founders Super Rich

SnapChat, or Snap Inc. which is trading under the ticker SNAP on the NYSE, just made its debut in the market on March 2nd.

Opening at $24 a share, the stock was up over 40% and around 100 million shares already changed hands just in the first 30 minutes of trading. At the price of $24, SNAP has a market capitalization of $33 billion.

In perspective, Twitter’s market cap is $11 billion while Facebook’s market cap is around $395 billion.

Despite Snap posting a $515 million loss last year, traders are eager to get their hands on it. 26-year old co-founder and CEO Evan Spiegel rang the bell on Thursday morning at the stock exchange with his fiance, supermodel Miranda Kerr.

Spiegel and his co-founder Bobby Murphy each made about $272 million selling some of their shares today. Spiegel still has over 210 million shares that are worth $5.3 billion while Murphy also has the same amount of remaining shares.

Disclaimer: We have no position in Snap Inc. (NYSE: SNAP) and have not been compensated for this article.