A California high school has made millions of dollars from the initial public offering of shares in Snap Inc., the company behind the Snapchat photo-messaging application.
The board of Saint Francis High School in Mountain View agreed to invest $15,000 in seed money in Snap in 2012, when the company was just getting started. It had been invited to do so by one of the student’s parents, a venture-capital investor, the high school president wrote in a letter to the school community.
The school held on to the investment until early this month, when Snap shares sold for $17 each in an IPO. Local media said the Roman Catholic school sold two-thirds of its shares at $17 each, to raise $24 million.
