Snapchat founders, investors cash out nearly $1 billion in Snap IPO

Snap Inc.’s initial public offering raised nearly $2.5 billion for Snapchat’s parent company, but it is also raising about $1 billion for the founders and early investors.

Snap announced Wednesday evening that it will sell 200 million shares for $17 apiece in the largest U.S. IPO since 2014. The company will sell 145 million of those shares, while executives and early investors will pitch in 55 million shares that they amassed before the IPO and take those proceeds home.

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Evan Spiegel and Bobby Murphy, co-founders of the social media company, both planned to sell 16 million shares in the offering, bringing in about $272 million for each.

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