Way to go, Dad! The advice that earned a $41 million payday.
Snapchat’s IPO—that is, Snapchat’s initial offering of stock—turned into quite the payday for one private school in California.
In 2012, a dad convinced the school to invest $15,000 of their precious endowment in the company during its seed round (a private stage of investment before any public stock offering).
This year, when Snapchat went public, that $15,000 in stock had a new value. Ready for it? $41,000,000. They immediately sold $24 million of that stock, and are holding onto the rest.
There’s really only one thing left to say. You guessed it: oh, snap!
P.S. You don’t have to have Snapchat stock to get rich. You can also use it to learn! Our new Snapchat account is your destination for a “day in the life” of a young entrepreneur. Snap us to learn from the best!