Yet when Snap begins trading on the New York Stock Exchange on Thursday, under the ticker name SNAP, it will command a lofty valuation multiple even richer than that of Facebook, which earned $10 billion last year. And in a decision that has angered some large investors, the shares will have no voting rights, leaving control in the hands of the company’s founders, who can retain that power for years even after leaving Snap. It lost more than $500 million last year, and its explosive user growth appears to have hit a speed bump. Those buying into Snap’s offering did so even as warning signs have flashed over the company, based in California. Shares of the social media companies Facebook and Twitter also rose. The pricing came on a day when the stock market surged to another high, fed by raised expectations of tax cuts, looser regulations and higher interest rates under the Trump administration. Snap’s offering was priced on Wednesday at $17 a share - a dollar more than the previously expected pricing range.
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