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Snapchat shares top $27 after NBCUniversal pledges $500mln investment

Friday, March 3, 2017 8:18
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Shares of Wall Street debutante Snap Inc (NYSE:SNAP) owner of the popular vanishing messenger Snapchat, jumped more than 10% on Friday as the first full day of trading saw NBCUniversal take a strategic stake in the enterprise.

NBCUniversal said in a memo to employees it made a “strategic investment” of $500mln in Snap.

NBCUniversal, a subsidiary of Comcast Corporation (NASDAQ:CMCSA), has partnered with the company prior to its IPO, including a partnership to feature Olympic games content.

Snap made its highly anticipated market debut Thursday – at around 1100 ET after listing delays – with a 48%r rise from its $17 listing price.

Snap shares were up 10.7% at $27.09, its highest level so far, on Friday.

Story by ProactiveInvestors


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