Snapchat is worth more than Ferrari

Snap Inc – the company behind Snapchat – has listed on the New York Stock Exchange.

The company first priced its IPO at $17 per share on Wednesday, according to TechCrunch. The stock opened at $24 and closed the day at $24.51

“The company’s market cap is being reported as $34 billion (fully diluted),” stated the report.

The market cap makes the company worth more than many powerhouses across various industries, including Ferrari.

Ferrari has a market cap $12.46 billion, while Twitter has a market cap of $11.20 billion.

Tech brands which Snap has surpassed include Seagate ($14.44 billion) and Viacom ($16.73 billion).

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Snapchat is worth more than Ferrari