Snapchat, headed by Fil-Am billionaire, goes public

by Steve Angeles, ABS-CBN News

It was a big day for a Fil-Am billionaire at the New York Stock Exchange.

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

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 4 billion dollars, 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. 

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