[alert variation=”alert-success”]Update: Snap Interactive made a statement saying they have no plans to issue a press release and address the investor confusion. “An investor who does even the slightest bit of due diligence should recognize we are a different company I have no obligation to set the record straight.” Says the CEO Alex Harrington¹[/alert]
Snapchat, the popular social media platform of recent times, is planning to IPO.
The opportunist investors, looking to take their piece of Snapchat before the IPO, accidentaly bought millions of dollars worth of Snap Interactive stocks, instead of Snapchat Inc.
Snap Interactive, mobile dating apps maker and owner of the companies like Paltalk and Firstmet, traded over the counter and not on major exchanges like Nasdaq, DOW, has dropped below $6 per share in recent years, on monday, right after Snap, as known as Snapchat announced its IPO details publicly, Snap Interactive stock surged to $15 and then dropped to 8 and $10 per share Wednesday.
Except the social media, Snapchat and Snap Interactive have very little in common, while Snap Interactive’s revenue for 2016 was $22 million, Snapchat brought in 404 million dollars with the 600% growth rate.