Known for targeting billions of dollars of the revenue per year, SNAP Inc. was started in September 2011. Since then, the company has revealed a progressive growth, initiating from millions of dollars of the revenue to where it stands today. It was launched as Snapchat Inc initially. In September 2016, it was rebranded and re-launched as SNAP Inc. As the year 2016 closed, SNAP surprised the social media industry by closing at $22 billion as well as $3 billion of funding. SNAP Inc will be donating 2.5% of its revenue as funds to the needy.
Rebranding in 2017
September 2016 introduced SNAP, the new name of Snapchat Inc. During the same month, the company introduced its first smart glasses, named Spectacles. In November 2016, SNAP provided its documents for public offering, which estimated the SNAP’s market worth as $25–35 billion. Flite, the advertising and technology company in Shenzhen, and Cimagine Media, the augmented reality startup in Israel were started by NSAP in December 2016. The worth of both companies is $30–40 million.
In March 2017, SNAP introduced its trading symbol for the first time. On the first day of trading, the company raised $30 billion in market capitalization.
Wall Street called SNAP as ‘a big competitive victory for the Big Board’. Bobby Murphy and Evan Speigel, the owners of SNAP own around 45% of its total stock. According to March 2017 reports, the IPO pricing of SNAP reflects its net worth of $24 Billion. The change of +0.29% in the SNAP stock, as of last week of the March, reflect the optimistic growth of the company. Currently, SNAP has 1,157,213,232 shares. It has 52-week high stock value of 29.44 as of the last week’s report during March 2017.
The Story of Vigorous Growth
Snapchat has faced various ups and downs, including the hack scandal of 2013, when 4.6 usernames and phone numbers were leaked by the hackers who had hacked the application. Not only it was a major setback for SNAP but it was also one of the greatest leaks in the history of social media. In 2014, Mark Zuckerberg, the owner of Facebook offered to purchase SNAP, which was Snapchat Inc then. Bobby Murphy and Evan Speigel, the owners of SNAP refused to get their hands on the deal for short-term gain. The reconstruction of Snapchat brought it where it stands today.
The acquisition of Vergence Labs and headquarters near Venice Beach opened new doors of opportunity for SNAP. Venice Beach was renamed as Silicon Beach. The New York Times published in February 2017 that Snapchat has converted the Venice Beach into a technology center.
According to the predictions, the two founder-owners of SNAP Inc will hold around 70% of the voting power by the end of the year. The Bitmoji app is also owned by SNAP.