Snapchat may be worth $30 billion with IPO filing: CNET Update
CNET Update: Snapchat may be worth $30 billion with IPO filing1:30 /
The parent company of the popular messaging app appears ready to go public on the stock market. Bridget Carey "filters" through the reports.
[MUSIC] Is Snapchat worth $30 billion? Woof! Multiple news outlets are reporting that Snap, the parent company behind the app, has confidentially filed paperwork for an initial public offering so it can trade on the sunk market. The New York Times spoke with sources saying the company could be valued at more than $30 billion. Reuters and the Wall Street Journal reported it could be 25 billion. This would be the largest tech company IPO since Facebook back in 2012. And that was more than 81 billion dollars. But we don't know much about Snapchat's financials. It makes money off sponsored filters like this one, Pudding. Snapchat currently has 150 million active daily users worldwide. Last month, it unveiled spectacles, the sunglasses with a built in video camera. That lets you upload point of view videos right to Snapchat. Snapchat began as a simple way to send disappearing messages and now it's a smash hit with the social sharing generation as a wacky way to use video to tell stories and express yourself with these augmented reality filters. Big challenges are coming from rival networks, like Instagram, which recently rolled out it's own version of Snapchat Stories. And Facebook is putting silly face masks in its live videos too. I'm Bridget Carey, you can keep up with the biggest tech stories at cnet.com/update. [MUSIC]