Origin
Snap Inc. went public on March 2, 2017, at $17 per share, valuing the company at $24 billion—the largest U.S. tech IPO since Facebook (2012). The offering generated massive hype despite Snap having never turned a profit.
Cultural Impact
The IPO embodied Silicon Valley excess: a messaging app used mainly by teens, growing slower than Instagram, losing money, with controversial no-vote shares for public investors. Evan Spiegel (CEO) became a billionaire at 26.
The stock popped 44% on day one, then cratered as growth slowed and Instagram Stories directly copied Snap’s core feature. By late 2017, shares traded below IPO price. Kylie Jenner’s 2018 tweet asking “does anyone else not open Snapchat anymore?” erased $1.3 billion in market cap.
Platform Evolution
Peak usage occurred February-March 2017 during IPO roadshow and first trading day. The hashtag resurfaced during earnings misses and executive departures. Snap eventually stabilized around AR filters and discovered a sustainable niche, but never regained IPO-era momentum.
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