In a hilarious twist, eager investors increased the value of a little-known online dating service to £55m overnight based on their stock symbol, SNAP.
The Snapchat IPO promises to be one of the biggest in history, with the social media channel having a daily active user base that averages 158 million people.
Makes you wonder what the founders of Snap Interactive, the company that saw the incorrect inflation in their value, have on their Snapchat story this morning? An extravagant holiday with their newfound wealth perhaps? Maybe they woke up in a new Bugatti?
Shares in little-known startup Snap Interactive have almost doubled in value in recent days after investors eager to cash in on the initial public offering of Snap Inc, the maker of the photo-app Snapchat, mistook it for the popular app. Snap last week said it had filed for a $3bn initial public offering that could be the largest stock market floatation of a US tech company in years.