Silicon Valley preps for a potential flood of Snap shares
Our Silicon Valley spies are all atwitter over Snap and the more than 1 billion shares that may be flooding the market in the next two weeks after the 180-day initial public offering lockup expires.
CEO Evan Spiegel and newlywed wife actress Miranda Kerr may want to do some estate planning with the 200,000 shares he has coming due in the wake of Snap’s $3.4 billion IPO in March for $17 a share.
The recent direction of the social media stock would have any financial planner suggesting diversity in the portfolio.
Snap is now trading at $13.69, a far cry from its $29.44 all-time high price right after the offering.