Snap sets price range for offering at maximum valuation of $22.2 billion
Marketwatch reported Thursday, February 16, that Snap has set a valuation for itself at around $14 to $16 a share, or between $19.5 billion to $22.2 billion, ahead of its initial public offering (IPO). If the shares are sold, the company will generate around $2.1 billion and $2.3 billion, according to the regulatory filing. The filing also shows how the company has evolved over the past few years. Snap's latest private funding round valued the company at about $18 billion. A month earlier, that range was closer to $25 billion to $35 billion, people familiar with the matter said, with one suggesting it could be as much as $40 billion.
Though Snap's IPO has generated great interest after a dearth of new listings a year ago, the company is playing it conservatively.
Snap, which brings in the bulk of its revenue from advertisements in filters and promoted stories on Snapchat, could use the funds from an IPO for acquisitions of additional virtual-reality companies. Last year, Snap finished with total losses topping $500 million, higher than the $373 million lost in 2015.
Net losses widened to US$514.6 million from US$372.9 million in that period.
The Snapchat app had 158 million average daily active users as of the fourth quarter of 2016. The underwriters have an option to sell another 30 million shares if demand warrants. Other selling owners including Chairman Michael Lynton and venture capital firms Benchmark, Lightspeed Venture Partners, General Catalyst and SV Angel. The two co-founders now plan to sell 16 million Class A shares-which don't have voting rights-when the company goes public, with the expectation that will sell more over time. After the offering, each will maintain a 44 per cent control over the votes.
James Lankford (R-OK) said the cloture vote officially started 30 hours of debate before the confirmation vote. Joe Manchin (W.Va.) and Heidi Heitkamp (N.D.) joining all 52 Republicans to set up a confirmation vote.
Malaysian authorities said on Thursday that they had completed an autopsy on Kim Jong-nam, despite objections from North Korea. He reiterated a call for strengthened sanctions and pressure to force North Korea to abandon its nuclear ambitions.
The court also rejected the prosecutor's request for a warrant for the arrest of Samsung President Park Sang-jin. Lee took over day-to-day operations of Samsung after his father stepped back because of health issues in 2014.
In related news, CEO C Douglas Mcmillon sold 75,063 shares of the company's stock in a transaction on Monday, November 21st. Wal-Mart Stores, Inc is engaged in the operation of retail, wholesale and other units in various formats around the world.
According to the University of Hertfordshire of the United Kingdom , the planet contains a rocky surface. Astronomers have discovered 60 brand new planets which are orbiting stars near the Earth's solar system.
The Montreal Allouettes had owned the CFL rights to Vince Young through 2015, but Saskatchewan picked up his rights January 30. He was named Parade Magazine National Player of the Year as a senior when he finished with 3,819 yards and 59 touchdowns.
We have a severe lack of heavy artillery, submarines able to work, aircraft and insufficient infantry fighting vehicles. Russian Federation must "live by worldwide law just like we expect all mature nations on this planet to do", he said.
For what it's worth, both the CBC and Cummings' office have denied that they are attempting to avoid meeting with Trump. He said he was trying to meet with the president about the "skyrocketing price of prescription drugs".
She last appeared on the cover in back-to-back years, 2012 and 2013, following her rookie year, according to Sports Illustrated . The star is featured as the cover model on all three "collector's" covers of the annual swimsuit issue .
Melania Trump is "miserable" as First Lady
Addressing a pack of reporters, The Donald couldn't help but mention his eldest daughter Ivanka. And it has further fueled rumors that she and Donald Trump are heading for a breakup.
Searching for the mysterious Planet 9
Participants will share credit for their discoveries in any scientific publications that results from the project. A recent image of Neptune taken by WISE shows a fade object behind that might be a distant planet around the sun.
LG G6 will have new UX that utilizes Full Vision display
Now, as the LG G6 approaches with a lack of bezels, the addition of waterproofing, and more, I can't wait to check out this phone. LG's new Android overlay is called UX 6.0, it will take advantage of the confirmed 5.7-inch display with an 18:9 aspect ratio.
Telstra 1H profit falls 14.4% to $1.38b
Telstra has failed to meet analyst's expectations in its latest earnings report, with profits slipping 14.4% to $1.79 billion. Meanwhile, Telstra saw a 39 per cent increase in traffic over its mobile network during the six-month period.
Kushner family releases statement on Marlins sale
Kushner's daughter-in-law is first daughter Ivanka Trump, while his son, Jared, is a senior adviser to the president. The New York Times attributed the Wednesday night statement to Charles Kushner's son-in-law, which would be Meyer.
'Hot Felon' Jeremy Meeks makes New York Fashion Week debut
He posted a sexy shirtless Instagram photo with Carine Roitfeld , the former editor-in-chief of Vogue Paris on February 12. His real name is Jeremy Meeks, and in 2014, many of you lost your minds (and your drawls) when his mugshot went viral.