Snap Shares Leap 44% in Debut as Investors Doubt Value Will Vanish - The New York Times

Also see How a Money-Losing Snap Could Be Worth So Much (NYT)

"Snapchat is a business built in large part on disappearing messages and adding animated dog ears and flower crowns to users’ selfies.

As of Thursday, that business is worth about $34 billion — more than the market value of the old-line media company CBS, and about three times the size of another social media company, Twitter.

Snapchat has made paper billionaires of its 20-something founders five times over."

Snap Shares Leap 44% in Debut as Investors Doubt Value Will Vanish - The New York Times