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Snap surges after Wall Street heavyweights reveal stakes

Snap's stock is valued at 44 times the company's expected sales for the next 12 months

Reuters  |  San Francisco/New York 

Snap Inc jumped more than 8 per cent on Monday in its second strongest day since the social media company's initial public offering, boosted by filings showing several institutional investors had owned its shares. The filings provided the first definitive snapshot of who bought Snap shares when it went public in early March. Its stock had plummeted 23 per cent late on Wednesday after its debut quarterly earnings report disappointed investors. Coatue Management LLC, Soros Fund Management LLC, Goldman Sachs Group Inc and Jana Partners LLC on Monday joined the list of fund ...

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