Snap's IPO is complete and the 5-year-old tech company behind Snapchat is now officially a publicly traded corporation. Shares in Snap have exploded nearly 50% in the stock's debut today, valuing the company at around $29 billion.
When Facebook spent the staggering amount of $1 billion on the Instagram acquisition, people the world over thought they were crazy for throwing that kind of money on an app that, at the time, hadn't generated any revenue.
Well, that acquisition turned out pretty well for CEO Zuckerberg, who has since allegedly turned his sights on Snapchat, only to have an even more ludicrous offer spurned. How much more ludicrous, you ask? Apparently, Snapchat recently turned down a $3 billion offer from the social media giant.