California school makes millions on Snapchat IPO

It wasn’t just Snap Inc’s founders and a handful of venture capitalists who made bank yesterday. A private school in California received a windfall thanks to its smart investment. St. Francis, an exclusive Catholic high school in Mountain View, invested seed money in Snap in 2012. Simon Chiu, president of the school, announced the sale of the school’s stock during Snap’s public offering this week in a letter to parents. All told, the school sold 1.4 million shares of Snap stock, at the opening price of $17, making a cool $24 million. Their remaining shares are worth an estimated $17…

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