Snapchat firm valued at 24 billion US dollars

Snapchat started life as a smartphone app

Snap, owner of messaging app Snapchat, has priced its shares at $17 ahead of Thursday’s listing on the US stock market.

The flotation values the business at $24bn, although Snap has never made a profit.

It will turn the company’s founders Evan Spiegel and Bobby Murphy into multi-billionaires.

Snapchat, which is especially popular with teenagers, allows users to send images and messages which then vanish.

The shares, which were more than ten times oversubscribed, will list on the New York Stock Exchange.

Investors at the flotation will not have voting rights.

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