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.