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Venice Update

News of Venice, CA and Marina del Rey CA

Snapchat Goes Public in Venice

snap

Market Street in Venice the day Snapchat went public.  March 2 SNAP became the largest initial public offering in California history at $23.8 billion.  Eric Siegel and Bobby Murphy, co-founders, who are still both in their twenties, are now multi-millionaires.

They started briefly in the blue house on Ocean Front Walk but quickly moved to Market and have pretty much rented or purchased both sides of Market. They are building a larger facility on Venice Blvd near Abbot Kinney.

The IPO was scheduled to come out at $14 to $16 but went out at $17 and quickly went into the twenties.  The stock closed at 24.86 on a Dow down day of -112.58.

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