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You might still think of Snapchat as that sexting app, or the way teens are constantly in contact with each other.
Wall Street now sees it as the next big thing.
Sexting.ink
Snap, the company behind Snapchat's snap-worthy photos and videos, filed Thursday with the US Securities and Exchange Commission updated paperwork on its initial public offering. It's preparing to sell up to 230 million shares priced between $16 and $14 a share. This could bring in $3.6 billion and give the company an estimated value of $19.5 billion to $22.2 million, which is lower than the earlier estimate of $20-$25 billion.
The company was founded by a dropout from college, Snap has emerged as one of the newest tech industry major players, competing with the big names in social media and communications like Facebook, Instagram, Twitter, Line and Tencent. Snap is used by 158 million users every day, and they produce more than 2.5 billion Snaps, which are images and short videos. It's especially popular among young adults, a coveted segment of the population.
It has also created a amount of buzz due to its Spectacles, brightly colored glasses that can record video.
The market debut of the Los Angeles-based company that has been in existence for five years it will be the biggest ever for an tech company. It will list on the New York Stock Exchange under ticker symbol SNAP.
Snap did not respond to CNET's request for further comment.
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My Website: https://sexting.ink/
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