According to a report by the BBC, shares in Snap, the company which owns social media platform Snapchat, rose an astonishing 44% on Thursday, in what was their very first day of trading on the US Stock market.
The entire size of the offering, which was more than 200 million shares, changed hands over the course of the day. This accounted for roughly 10 percent of the total volume of trading on the New York Stock Exchange on Thursday, according to CNBC.
In what was the biggest initial public offering by a US tech firm since Facebook in 2012, Snap and its premium messaging app Snapchat, opened trading at $17 dollars a share which rose to $24.48 a share by the close of trading.
This left Snap valued at almost $30bn, although it has never made a profit; and will turn the company’s founders, Evan Spiegel and Bobby Murphy, into multi-billionaires.
Despite the overwhelmingly successful opening day of trading some analyst believe the company is overvalued and unsustainable in the long-term.