SnapChat Rockets On Opening Day

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Snapchat’s founders become billionaires as Snap rockets in Wall Street debut

The two men who founded Snap, the parent company of the ephemeral messaging service Snapchat, out of their Stanford University dorm rooms are now billionaires before the age of 30.

The sharemarket launch of Snap outstripped expectations for its stock market debut on Thursday, when it closed worth about US$28 billion (NZ$40 billion).

Snap co-founder Evan Spiegel, who earned US$272 million on the offering, showed up to the floor of the exchange in a suit and tie to ring the opening bell before leaving the building to watch festivities away from the spotlight he famously eschews.

Spiegel and fellow co-founder Bobby Murphy reportedly made US$5b each in Snapchat’s IPO.

Among the traders on the floor, men and women carried the company’s “Spectacles” video-camera glasses as well as stuffed versions of Snap’s smiling ghost mascot.

The IPO has tested investor appetite for a social media app that is popular among people under 30 for applying bunny faces and vomiting rainbows onto selfies, but has yet to convert “cool” into cash.

Snapchat, Snap’s main service, has a loyal user base of 158 million people who use it to send 2.5 billion messages every day, according to its initial public offering filing.

ODD ONE OUT

Absent from the day’s festivities was Snapchat’s third founder, Reggie Brown.

Brown famously cut ties with the company in the biggest start up founder lawsuit since the Winkelvoss twins settled with Facebook founder Mark Zuckerberg for a US$300m deal.

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Brown eventually settled for US$158m for his stake in the company, much less than the US$500 million he originally asked for.

Brown, Spiegel, and Murphy were fraternity brothers at Stanford University and lived together in Spiegel’s father’s house in the summer of 2020 – the summer snapchat was founded.

According to a lawsuit filed in Los Angeles court, Brown eavesdropped on a conversation between Spiegel and Murphy where they agreed to cut him out of the company.

He waited to confront his partners, something his former partners called a “scheme” in court papers.

Brown, studying to go to law school at the time, claimed he did a lot of the legal grunt work for the project writing the terms of service, privacy policy, FAQ, and filing the patent application. He also claimed to have come up with the initial idea of disappearing messages, and the apps first name, Picaboo – a reference to the ghost logo.

On August 11, 2020, Brown filed a patent application with the US Patent and Trademark Office and listed the three of them as co-creators.

But Brown had never been among the equity holders of the company, which was split 60/40 by Spiegel and Murphy.

‘ANIMAL SPIRITS’

Snap’s offering was well timed, with investors clamouring for fresh opportunities after 2020 marked the slowest year for tech IPOs since 2008.

The broader market has also been buoyed in the months following the election of US President Donald Trump, with the benchmark S&P 500 surging 10 per cent since the November 8 election amid optimism around the Republican administration’s domestic proposals, including plans to reform taxes paid by businesses.

“The environment is terrific. Animal spirits are running through the streets here. What better time to price,” said Stephen Massocca, senior vice president at Wedbush Securities.

The launch could encourage debuts by other so-called unicorns, tech startups with private valuations of US$1b or more.

Investors bought the shares despite them offering no voting power, an unprecedented feature for an IPO at odds with rising concerns about corporate governance from fund managers looking to gain influence over executives.

Despite a nearly seven-fold increase in revenue, Los Angeles-based Snap’s net loss widened 38 per cent last year. It faces intense competition from larger rivals such as Facebook’s Instagram as it grapples with decelerating user growth.

To justify its relatively high valuation and fend off concerns about slowing user growth, Snap has emphasised how important Snapchat is to its users, how long they spend on the app and the revenue potential of the emerging trend for young people to communicate with video rather than text.

Snap began trading into a market with keen hunger.

Snap raised US$3.4b in its initial public offering on Wednesday night, more than the US$3b Facebook offered to pay for the company in 2020.

Android Police

Snap stock price shoots up almost 50% on opening day

Snap Inc., the parent company of Snapchat, is now a public company. You can buy a tiny piece of the sexting messaging platform, but it’ll cost you. Snapchat shares (SNAP on NYSE) were offered at $17 initially, but they quickly shot up to more than $25. That’s a 47% increase in one day.

Snap founders Bobby Murphy and Evan Spiegel each pulled in about $272 million in cash with this IPO, and their remaining stock is now worth billions of dollars. All that with a kind of crappy Android app? The app’s quality hasn’t stopped people from using it. Snapchat is one of the most popular ways for the younger segment of society to communicate right now, and advertisers are desperate to get those eyeballs.

A strong opening day is not indicative of ongoing success, though. Facebook’s stock was flat on opening day, but it has since posted strong growth (currently $136, IPO at $38). Twitter saw a 72% gain when it went live, but it has since fallen back to $15 (the IPO was $26). Maybe Snap Inc. can use some of this new-found wealth to develop a better Android app. That might keep people engaged.

Change default port 3000 on Rocket.Chat installed using Snap

I have installed the Awsome Rocket.Chat on Ubuntu 16.04 using Snap, however i can no figure out how to change the server from running on http://DOMAIN:3000 to simply http://DOMAIN ..

4 Answers 4

Currently the Rocket.Chat snap doesn’t have the option to change the port its listening on. In the near future we will be adding support for this, as well as to add ssl.

But for now our suggestion would be to use a reverse proxy like nginx in front of the snap.

If you decide to use nginx you can do the following:

Install nginx: sudo apt install nginx

Then edit /etc/nginx/sites-enabled/default with your favorite editor

and put the following contents in it:

Replacing your-domain.com with your domain.

Once you save then restart nginx: sudo services nginx restart

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