Friday, February 10, 2017
Snapchat's Would-Be Investors Drive Up Wrong Stock
Enthusiastic, yet clearly unsophisticated, fans of Venice, California-based Snap Inc., the parent company of Snapchat, have driven the stock of a completely unrelated, over-the-counter company, Snap Interactive, through the roof this week. According to CNET, Snap Interactive's stock--which had been trading below $6 a share all year, has jumped as high as $15 a share, all due to widespread investor confusion on exactly what company they were buying the stock for. Snap Interactive is a developer of chat and dating apps; Snap, Inc.--which has yet to hit the market--intends to list on the New York Stock Exchange.