i think i may be too old for snapchat, i do not know. maybe that is something snapchat has to fix.hey have to appeal to a little older than what they are now. it is a little too confusing for me, i don't know. daniel: we will see how that turns out. i'm sure we will have plenty more opportunity to give it a go. so, it is carnival season, so you might not think it but brazil is suffering worse than ever. the economy trading over 3.5% last year. public confidence in the government already took a hit following multiple high-level corruption scandals which toppled the last president. the question now is whether incumbent president can survive the storm long enough to get the country back on track. reporter: carnival in real -- in rio is a highlight for many brazilians. hundreds of thousands take to the streets. but tough times have dampened the mood. many have campaigned festivities this year. brazil is in the midst of its worst ever recession. in 2010 the emerging economy expanded by a whopping 7.5%. but then growth slowed in the following years. in contracted 3.8% and itas a similar

i lie -- >> on snapchat. >> how can you tell followers you have on snapchat? >> you can't.o the most analytics i get is who views my snapchat and how many of them. that's not to say that 100,000 people could have me, but only 75% of them watch me, you know? >> yeah. but does it matter to you how many followers you have? i mean, snapchat's argument is that it's not about user growth. >> it's not. that's what's really important. so i have -- >> you buy that. you believe that. >> i completely do. i have about 2.5 million followers on instagram. and i have 100,000 on snapchat. those 100,000 people are so much more valuable. like, if i was just nominated for a shorty award, which is huge. >> congratulations. >> i put that on my snapchat because i know people are going to vote for me there. if i'm adding someone on snapchat, i care about looking inside their life. same for me, if someone adds me on snapchat, they really care. i don't really care if i follow someone on instagram. i like to see beautiful photos, pretty ladies, things like that. >> you say it feels more force. do yo

that's allowed snapchat to up the price.sday it priced its shares at $17 — above the $14—to—$16 range it had previously indicated. that will give the company an opening valuation of $24 billion. more than twice as much as twitter at its current share price. that's despite a couple of major worries — or so you'd think — for investors: firstly, snapchat has yet to turn a profit. in fact it lost over half a billion dollars last year alone. plus shareholders who buy in will not have any voting rights. the founders of the company will retain complete control of any decisions. they are incredibly young and, as of later today, officially incredibly rich. evan spiegel and bobby murphy — both in their 20s — will be worth around $4 billion each. from new york, here's samira hussain. injust in just five years, snapchat has gone from a little at created by a couple of college kids to a virtual giant with 160 million daily activities users. 0n giant with 160 million daily activities users. on thursday it will start trading here on the ne

snapchat is not some dead end.pchat discover is new way of packaging content which actually does support advertising and has been successful for them. it's a growth area. what that proves is snapchat is sort of a mutable thing. it can change for the audience, but, i will say that you can't necessarily depend on that audience which tends to move from one product to another -- >> that is the thing, lance. >> they are 3, 14, 15-year-olds. melissa: sitting around doing absolutely nothing playing with these things. >> melissa, that do, don't have any money. melissa: there you go. perfect. david: one thing you can absolutely say about snap it is the most valuable ipo since facebook in 2012. making it a tough decision to list on the new york stock exchange which makes our next guest a very happy man. joining me now is the president of the exchange, tom farley who is standing next to the founders, ringing the opening bell. congratulations to you, and i got to ask, because set of2016 was a lousy year for tech ipos. it was t

snapchat valued at $10 billion. w

this is part of his big plan for snapchat. this another great day for snapchat.you tell me, nicole, we were told we would get the first trade before 11. it is now 10:47. any update on the time frame, nicole? >> they're saying before 11. original which heard around 11. i will go check again and see how close we're death. definitely it bill get loud here and people say hold the book they have to get one more order. it will get very intense closer to the open. stuart: two people shouting at me saying i want on. i want on. elizabeth is saying politics, politics. what is that about? liz: some perspective russia and jeff sessions. nobody wants meddling about any other country about election. talk about dems to have independent counsel, jeff sessions were recused. where is the independent counsel irs what is going on there? or independent counsel into hillary clinton's emails that did not happen. now the obama preserve all information related to russia. that is what happened before obama left office. did they do that with hillary clinton's emails or irs emails? stuart:

but i assume it has something to do with snapchat. >> because you're really cool. >> are those snapchates? >> what if i told you my glasses were i am inning you right now. >> now that i see the light going on, yeah. >> i'm not really offended by it. that is pretty cool. >> that is pretty cool. >> i would say that is pretty awesome. >> would you buy them? >> how much? >> 130. >> 130 bucks? probably. melissa: and lance is back with us. and lance, i'm filming you filming me, filming you, all to what end, i have no idea. >> looks good on you. melissa: why is this desirable? why do you need this? that is enough. put them on top of yours. go ahead. >> the idea of life casting is not new. there is a whole lot you can do with snapchat spectacles. if you're cooking al you can show people how to do it. you can capture more than up to 10 seconds. can snap 30 seconds increments. press three times. it doesn't go out into the world and goes to your memory and put it out there. you can he had it arrows apwords to it. so it's a creative tool. if you do remember google tried to do something -- melissa:

—— snapchat. welcome to the programme.s jam—packed day, so we will make it as snappy as we can. we start on wall street where investors are gearing up for what could be the biggest — and certainly the most hyped — technology flotation since twitter in back 2013 — or even facebook the year before. in a few hours‘ time shares in snap — the owner of photo messaging app snapchat — will begin trading on the new york stock exchange. will it end up a stock market giant like facebook — or — like twitter — a bit of a flop? the flotation has been hugely oversubscribed, allowing snapchat to up the price. late on wednesday it priced its shares at $17 — above the $14—to—$16 range it had previously indicated. that will give the company an opening valuation of $24 billion. more than twice as much as twitter at its current share price. that's despite a couple of major worries — or so you'd think — for investors. firstly, snapchat has yet to turn a profit. in fact it lost over half a billion dollars last year alone. plus shareholders who b

snapchat is closed?d she is describing the same lay of the land smep says i have a lot more followers on instagram but my snapchat followers know me, we have more inmate. you're saying i have a lot more followers on instagram and you'll take that, right? >> absolutely. a larger conversation about the longevity of both of these platforms in general. and why mean by that is eventually snapchat is essentially a messaging platform still. and the story component was great but without an exploration tool, without helping out content creators -- and by the way with this recent ipo maybe because they have a tremendous amount of revenue coming in possibly they could share that with the creators on the platform, this might change. but currently the way it is, they're just relying on active usership. and considering instagram already -- facebook already owns masquerade and will possibly bring on filters on to their platform as well, we'll see more and more decline in snapchat usership. that's my speculation. >> the

is but i don't use know what snapchat is but i don't use it.ing isnap use it. usually when i see something i snap it. i have it but don't use it. my kids use it. i am not really the right demographic for it.|j it. my kids use it. i am not really the right demographic for it. i use it all the time, i love snapchat, it is great. i don't what it is, i don't use it. snapchat is the talk of wall street even though it is an app geared to teenagers but that will be the key to its success, if it can still attract the young users and advertise to them, then great. if it can, snap inc risks becoming just another overhyped tech company which grew too big too fast. south korea‘s industrial output has surged 33% in january korea‘s industrial output has surged 33% injanuary compared to the previous month. the figure outpaced a nalyst previous month. the figure outpaced analyst expectations, it is the fastest growth since september 2000 nine. service sector output also rose 0.5% which is a slight improvement over december‘s figures. mcdonald‘s has outlined a

i had no idea snapchat was going to take off. >> reporter: but while snapchat may have made him famous on snapchat and reality tv -- >> you can call me dr. miami! >> reporter: patients say the work speaks for itself. >> i want to look how god should have made me. i feel he did that. >> reporter: for "nightline" i'm rebecca jarvis in miami. >> thanks to rebecca. "dr. miami" premieres tomorrow on we tv. >>> coming up on "nightline," maybe sex doesn't sell. why franchise carl's jr. is backing off from its busty bikini babe ad campaign. more "doing chores for dad" per roll more "earning something you love" per roll bounty is more absorbent, so the roll can last 50% longer than the leading ordinary brand. so you get more "life" per roll. bounty, the quicker picker upper as after a dvt blood clot,ital i sure had a lot to think about. what about the people i care about? ...including this little girl. and what if this happened again? i was given warfarin in the hospital, but wondered, was this the best treatment for me? so i asked my doctor. and he recommended eliquis. eliquis treats dvt and p

>> i think snapchat has a long road ahead of it. company that has only been selling advertising for a couple of years. we have heard the news about slowdown in user growth, but i fully believe that as snapshot grows in -- as snapchat grows and matures, we will see more usage among older generations, moms, maybe even grandmas, and i think that will be exciting to work. a is among the few people i have heard say that, but i don't agree. i think there is not in the evidence that is happening. to say it could happen is highly speculative. i don't see this company being the next facebook. i think it is a great company. it has achieved enormous successes. it will likely continue to be a major platform for young people. but to be a multipurpose communications platform that spans the growth, i don't see it. sarah: david, i respect your work as well. you after member facebook, when it first launched, was only popular with young people, only popular with college students. it took time for facebook to build an audience among older people, and

lea: is snapchat the next facebook or the next twitter?out the different business models had >> absolutely. when facebook went public, they were clearly making money. everyone is able to understand their product and where they went down the road. twitter was quite different. twitter is out there and if one didn't understand how users would use and how they would build up moving forward. with snap, it'll be interesting to see how they move forward and say this out clearly while revenue is coming from advertising. this is going to be a large media presence for them and this might help in their advertising revenue. nicole: thanks, john. lea: president tried to speak about your sister afford as he pushes his agenda. a navy super carrier under construction in virginia. connell mcshane in washington with more. >> good morning to both of you. the president has a lot of selling to do on capitol hill, but today he'll take his message to the people. he has a staff in newport, virginia and delicate and a chance to increase military spending and make

that fate could happen to snapchat as well. what would be a concern to snap, and they have expressed this publicly, is increased competition. facebook owns instagram, similar photo sharing app, and they have quite simply been copying some of snapchat's most popular features and arrested of a migration of people from snapchat to instagram. if that continues, that is very bad news for snap because their main selling point has been taken away from them. they are hoping to retain those users and keep the sense of being a cool place to be while fighting the onslaught from facebook, which a few years ago for $3o buy snapchat billion and it looks like snapchat make the right decision not to sell at that point. laura: this weekend china will open its annual parliamentary session. the average person is anything but welcome. in the weeks leading up to the congress, there is a movement to stop the most marginalized members of society from reaching beijing. our correspondent john sudworth , has experienced firsthand the heavy-handed tactic

people are now talking about parents being busy snapchat in.tside of the current age group? guest: i don't think so. this is a millennial focused platform. if you look at their strategy of the last couple of years it has been very millennial focus. they get this audience better than most social networks that are out there. sticking to the strengths a good thing. if you look at the last couple of months, you see the uptick in 35 plus audience. that is interesting. maybe celebrities and followers that they have onto the platform can be one of the strategies. -- they: celebrities are already celebrities in their own way. what is interesting about the demographic breakdown is that they are hitting saturation points when it comes to the united ace. others say look at the developed world for them to expand. they have been looking at their international reach. cory: internationally it has been growing. it appears that the service has become suddenly expensive to provide for u.s. users, or the international users cop a lot more for them to provide for.

now the benefit to snapchat is that the audience that snapchat covers is not the audience that will beso that's a tail wind to them. so this, just because it can be replicate i politicked by facebook doesn't mean you should sell snapchat. i'm not bullish. i'd rather own it other than this. >> it may not be the audience that will be on snapchat. it will be the audience never on snapchat. if they wanted that, they can stay on facebook and have those same fimters when it comes to instagra instagram. >> i think the most important thing here on facebook, this is incremental. they can add a lot of these features, for snapchat, it's an existential threat. when you think of facebook with 1.8 billion users, snapchat growth slowed down. they need to get a lot of things to justify the value. >> all right. our next guest is a veteran hedge fund manager. he shorts the stock, he stays long. apple won capital. joining us on the fast line to say why. can we think of this as a pairs trade? one succeeds at the cost of the other? >> it's not -- it locks like a fair trade, but our view is that snapchat go

—— snapchat have had more success.shes they had the answer. it really depends how the company capitalises on theirs. they have 160 million users who are young mostly. the challenge is to translate those users into advertising revenue. that is the trick. they have been successful but they have to change into advertising revenue and as we said, twitter not managed to do that. thank you. the london market slipped back from wednesday‘s record high. shares fell in the outsourcing group capita — they slumped 10%. now that was prompted after the company said pre—tax profits had fallen 33% to £7a.8m and said its chief executive would step down later this year. that‘s all the business news. thank you. just to give you details about what is happening in johannesburg. we hear several patients are trapped after the roof ofa patients are trapped after the roof of a hospital collapsed. reuters are saying this happened at johannesburg‘s state hospital. this is all coming from the emergency services who say there are several patients

we did that with snapchat. though ipo is certainly not the end goal, it is an important milestone for the company, and when i think we are celebrating. >> do you think the restrictions you put in place, as part of being an investor when you are a venture capitalist? jeremy: we were clear with the company at first that we were interested in what they were doing and would like to continue to invest in the company in the future. that is been what we do have been able to do. >> you talk about the ipo not being the be all and end all , but a very key milestone. i have to say, looking at the companies you invested in, you are an outside dynamic. you already had another one mind up at the moment. are we going to see more and more companies, from your own portfolio that are going to list , in 2017? that has treated very well since then. interesting thing is that a lot of these investments were made a long time ago. apt dynamics.for eight years ago for eugenics. -- to utanics. five years ago for snapchat. this is the re

people we've talked to do use snapchat and snapchat claims 158 million daily users.lem for snapchat, you know, i've been playing with the spectacles and we've been showing them to people, not so spectacular. that seems to be the response. we ask people what do you think. it looks cool. when you ask would you spend $129 to use them. they say no. those guys need to figure out how to get past that but they have to get past that. neil: that might be a moot point, longer term concern day one of ipo doesn't mirror what it does later on. facebook had a stumbling debut in weeks that followed. it righted itself, ended up doing quite well. doing quite well today. too early to tell here. i know all variables and differences. what do you think? where do you think this is boeing? >> i think snapchat's biggest challenge will be how to expand their user base, right? let's face it, the majority of people using snapchat are 25 and under. they match their founder's demographic which is great but they have really, maaed that out. so user growth is slowing. the other thing snapchat has

snapchat snap set to begin trading today. the value snap at $24 billion.t are you getting for your money, we will check it out. controversy in nation's capitol this morning. the white house slamming democrats over latest attack on the trump administration. democrats attacking attorney general jeff sessions this morning over official meetings with russia's embassador. confirmations for president trump's cabinet are still stalled, ryan zinke has been confirmed finally as the next secretary of the interior while a vote on dr. ben carson as the next secretary of housing and urban development is expected later this morning. move coming just two days after president trump's address to congress was praised. >> president trump, the message that he sent to the country last night was compelling, connected with millions of americans but he was always sending a message to the world about rebuilding our military, restoring the arsenal of democracy, calling on our nato allies to live up to their financial commitments to our alliance but you also saw the leader to have f

aam's ripoff of snapchat's business.ave looked into the rapidly rising cost to produce snapchat. what are you uncovered question mark -- what are you uncovered? cory: it is getting more extensive to serve the users. to the armsing suppliers, in this case, google. therewith a sentence a member of the gated not to just spend elegance of dollars with google will add $1d, but billion in the guaranteed spent web services. the certain winners will be google and amazon. vonnie: this idea that other platforms or copying what 10 toat does -- i thing crimea river. think cry me a river. tell be a little bit about how snapchat could monetize? advertising? cory: it could be that. advertising has been a focus. let's not downplay the snapchat filters. the filters are really wonderful. that is a part of the appeal. it is the recording of moments, but the filters are fantastic. when you think of the ad sales, they have other sources of revenue here, but the filters is a big part of it. advertising is the biggest promise because there is

we will start with snapchat.as a start up. they have banked millions this week, what has been the best investment you have made? two best, my personal one i would suggest my house, best investment in the business, a company called burford capital. we made five times oui’ burford capital. we made five times our money. and the characterisation of that is one that people weren't interested in, a market people didn't know, where there wasn't much competition so a road not well travelled but more so today. have you got a good investment? i am seeing some of the ones tweeteded in. steve clarke said best investment is property, it can be rented out whereas shares are just parked. interesting take on that. mine wasa parked. interesting take on that. mine was a trip, i managed to see the northern lights. well done. let us see the northern lights. well done. let us see what other stories are we covering today. the discounters because we have got liddle or is it aldi? it was aldi. aldi? it was aldi. aldi starts online sales

facebook wanted to buy snapchat years ago. wasn't able to do it. think these guys have some juice and they will -- >> how have they outinnovate facebook at all? facebook is taking their lunch. how they monetize. you're saying they're monetizing now. how? liz: ross, there is that issue. they new features not just flower crowns or turning somebody's head into an onion. there is the price point. 24.95, is that the place where you say, i'll buy it? >> to me i pay 10 times revenue. liz: is there a price, per share that you would pay? >> yeah. that is like $7 or something like that. liz: well -- >> wind back the clock and get in at $7 a share couple years ago. >> that is what i paid. you ask me what i pay. liz: twitter stock which of course went public and then show how horribly it did. twitter, coupon, fitbit. >> gopro, fitbit. liz: peter? >> sure, technology is littered with big ipos that go absolutely nowhere. at 30 billion the stock is probably a little overvalued. i would comfortable with it at 20 billion. that said they have a growing subscription,

snapchat five years ago.hese things take time to build the business and become mature enough companies to be able to stand alone as a public company. we are thrilled we have a number of these things happening this year. it has been a nice year for us. caroline: do you think it will continue? we are at heady heights. we are near record highs. would you have been as willing to see snap go public now? >> i think that is a question for the companies. wed companies in the past, have seen they can go public in bad markets. in really good markets, a lot of companies can go public. what people are hoping is snapchat creates excitement in the ipo market and maybe other companies can follow. caroline: we have a great function on the bloomberg called the startup barometer. it tracks not only the venture activity but also the exits we are seeing. it has deteriorated over the last few months since the heady highs of december and the real highs in june of 2015. does it need more to be feeding back into the ecosystem around

coming up: snapchat — you'll know what this is all about if you use it.billion. i'll be asking our technology correspondent rory cellan—jones, why? coming up in sport at 1:30pm: uk sport and british cycling have outlined the next steps that are being taken as part of the independent review into the culture of british cycling's world class programme. at some point in our lives, one in four of us will experience a mental health issue. but many people hide their problems from their employers for fear of it impacting on theirjob. now the government's trying to encourage businesses to improve mental health support in the workplace. and today, the institute of directors has launched its first—ever mental health strategy to help those affected. so how will it work? our business correspondent ben thompson reports. no matter where you work, tough days are often part of the job, but for construction worker lee, difficult days turned into difficult weeks and months. ijust felt down one day and i stood at the top of the building and just went to the edge of the build

in our household, the devoted snapchat user -- you know, i hear people are dumping snapchat!from her. she says, no, absolutely not, back and forth because of communications, and they're doing a lot of cool stuff on the story-telling side. there's no question that a lot of millennial and younger focus is on that. and the bull story on snapchat wi, what the smarter investors believe is that they'll be able to go from a few dollars per average u.s. user to $20, $30, $40, $50 over the next few years per year, driving huge economics. >> going in, the big question was, if this did well, would it open the floodgates for more ipos? it's been so quiet, especially with technology ipos. was it a success? what's the verdict? >> so far, a tremendous success. so, hopefully, we do see a lot more. the thing that's definitely happened in the ipo market for ten years now is companies are waiting so long to go public and they have to be so mature or they get hammered. it's too bad. we're missing out on a lot of very cool younger -- >> just reported that airbnb raised another $1 million. >> do y

they worked with snapchat and buzzfeed, creating over 2 billion views on snapchat.edia company now involved in snapchat. the only major u.s. company -- u.s. strategic media company involved in senanapchat at all. only other are alibaba and ten cent. but those made prior to the ipo. big news and may actually create more of a floor for snapchat in terms of justifying the valuation and what it means to the digital economy. >> andrew, you don't have to evaluate the investment at 32 billion that nbc made. you evaluate it at, what, 20 billion. it wasn't at 25. >> well, exactly. they made about $220 million in a day. >> nobody asked me. you're not in on this, are you, andrew? >> i'm not in this. i do know that nbc universal had been pursuing a relationship with them. >> we're employees. we're inn to. we're in on it sort of. comcast employees. >> we are. >> i'm happy. i'm good. >> if you get enough positions in these, the one or two that succeed are going to pay for the rest that may not be as successful. pretty good strategy. >> clearly what you're seeing is nbc take lots

only snapchat and one other have negative gross margins.y essence of any business, oil wells or selling snapchat, you have to sell something for more than a cost. these guys are and able to do that. caroline: when we look at your bloomberg intelligence and analysis, you have look at the market capitalization in terms of the ratio of the users they have the user base they come and they say it is significantly less than facebook and twitter. is one way of looking at it, but if you look at the big picture and compared to all the key ipos in the last decade snapchat is coming out at the top of most of them. valuations bring outsized expectations. revenue growth is not a worry to me. they just started monetizing it, but user growth, if they show any weakness, that would be bad news for the company. is interesting, we just had sarah frier on saying it is a bit like when apple went into music streaming, sport of spotify's own business model was vindicated. be?his where you want to >> that is why it is a wait and see story. initially, you have the

are currently using snapchat. product continues to innovate as well as it does, if you want a quick example, we're in the middle of march madness, check out the march madness content that's in the stories part of snapchat. i think it's the most compelling content you'll find online today -- on a phone today. we found over in the older generations, people younger than me, 36 to 50-year-olds, we found already 20 pktd% of them are using snapchat. we're seeing cohorts continue to rise. we think it's a bullish innovator. they have to out innovate everybody so far they have, they need to keep doing it. >> mark, the problem is yes they out innovate and have kevin spiegel, product genius, but if facebook can replicate a lot of these things like the stories at a big scale, that's a huge threat. >> it could be. if we're wrong on this call, i think the single biggest reason, i talked with our sales force about it is instagram and facebook come in and cut the legs out of this. i think a couple other trends are important to ke

you're going to talk about snapchat.t launches on the stock market today. >> it could be the biggest launch for the tech industry since facebook in 2012. company gohe parent on sale on the nasdaq in new york later. if the ipo is successful, it will be worth $24 billion despite the fact that it has yet to turn a profit. let's speak to senior market analyst at the london capital group. why is snapchat so valuable? simple terms, the valuation is because people want to buy the dream. people want to buy into the next google, the next facebook, the next microsoft. that's why these tech companies are able to price their shares really above any kind of metric that is justifiable. analysts will look at the price compared to future sales, future earnings. looks veryith snap rich compared to even the likes of facebook. the potential is there. byt year snap grew sales 600%. give growth continuing even if they could capture a small part of the advertising market currently dominated by facebook and google, that's where the earnings co

that mac you excited about the snapchat flotation? absolutely.tations as facebook in 2012. at a similar company. —— are you excited about the snapchat flotation. the founders of this company had gone to meet this success , company had gone to meet this success, and not often in the world we see that sort of muggy being turned down as they did when facebook made an offer. it did happen when the boss of yahoo turned down an offer from microsoft to be bought. and it was actually a bad decision when you look back. in order mean? dark zuckerberg can day billion and then 100 billion. and 110w billion and then 100 billion. and now obviously he is doing a lot better. —— turned down $1 billion and then $100 billion. but there is and then $100 billion. but there is a much cash about. for a company like this, the share price will pull the go through the roof. that indicates to me how many people are trying to get their money into deals. whose cash are we talking about? money into deals went into slates are so low. you need to put the money somewhere you can

we did that with snapchat. ipo is not an end goal, but an important milestone for the company and one that i think is worth celebrating. >> do you think the restrictions you put in place as a seed investor were onerous? or is that part of being an investor when you are going into these very young companies? >> we were clear that we were very interested in what they were doing and would love to continue to invest in the company in the future, and that is what we have been able to do. caroline: that was lightspeed venture partners jeremy liew. now to another big tech story this week -- uber fighting battles on many fronts. this week started off with the senior vice president of engineering resigning after the ride hailing company learned of sexual harassment allegations from his previous job at google. he has denied the allegations. on tuesday, bloomberg obtained a video of uber's ceo travis kalanick boasting of the company's tough culture before parading a driver who asked him about falling fares. >> you know wh

. >>> snapchat is officially a publicly traded company. how its stock is doing this morning and the local high school that could see big benefits from this ipo. >>> good morning, we're looking at a commute that is busy in many areas now. highway 24 not bad here, a little bit slow as you drive in lafayette and coming up, we'll take a look at other parts of the bay. >>> already out of the gate with sunshine and a nice warm day. mid 60s here for some. imagine if the things you bought every day earned you miles to get to the places you really want to go. with the united mileageplus explorer card, you'll get a free checked bag, 2 united club passes... priority boarding... and 50,000 bonus miles. everything you need for an unforgettable vacation. the united mileageplus explorer card. imagine where it will take you. >>> another big day on wall street as the highly anticipated ipo since facebook hits the streets. pam cook back in the studio. >> very exciting, a lot of people watching the parent company of snapchat priced last night at $17 a share,

on snapchat it's about your intimate relationships. the people who you would show how silly you are. >> reporter: speeg he will, snap's ceo, is often compared to facebook founder zuckerberg. zuckerberg wanted to buy the $3 billion company in cash three years ago. spiegel turned him down. >> reporter: light speed was the first partner in snap and now they are cashing in. >> he's always had this ability to understand what users want. >> reporter: spiegel made $5.4 billion today. the company now worth about 35 billion. impressive numbers for a business that has yet to turn a profit. nbc news, new york. >>> in nashville this evening an urgent man hunt for a killer. the family of a nurse who was fatally stabbed by an intruder in her own home is pleading for help to find her murderer. tonight police hope security video may help them crack the case. nbc's gabe gutierrez has the latest. >> reporter: tonight the manhunt for this hooded figure in this surveillance video is intensifying. police suspect he was checking for unlocked cars, minutes b

snapchat begins today.and $17 each him on market value of $20 billion. that implies a multiple of 21 time sales, or twice facebook sales multiple. that is your bloomberg business flash. tom: thank you so much. i thought that was great with adam. it you ever figure out how to use snapchat? snapchat.i am on the london office is trying to figure out snapchat so we can show it to the older generation. it is not working right now. tom: see how rude she is? francine: not to you. people in london, tom. tom: ok. with us right now is billy from citigroup, the guy on wireless on cable, years at sanford bernstein. we will talk about deutsche telecom, t-mobile. wonderful to have you here on the absolute kipnis of crazy tv. dumb start with a question. is our relationship with cable tv now going to be the same in 2022, which seems light-years away? >> we think they are changing very rapidly with youtube tvs announcement. we are expecting to see hulu tv coming soon, their full-service cable replacement, and to me what is

copycat of snapchat stories. what happened with snapchat they saw user growth numbers start to fall off. we saw in the third quarter of 2016. i want to leave you with this. there is a lot of questions about evan spiegel. he is one of two cofounders. he is 26 years old. those that want to buy shares of snap tomorrow, need to know you won't have any voting power. this is something we've never seen in an ipo before, charles. you can attest to that. they have all the power. telling you straight from the perspective, charles, if they die you would have voting power as a shareholder, charles. charles: only 2. 26. maybe that won't happen. cheryl, exciting day for you tomorrow. later on the show we'll hash out further with cheddar ceo and tech analyst, and "wall street journal" shelby holiday. but next, president trump wants to give victims of crimes committed by illegal immigrants a voice and a fund! why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about yo

that snapchat --snapchat and twitter seem to be included under this statute. justice kagan: well, i would have -- i would have thought that snapchat is -- maybe i have it wrong. i'm not any expert on this. but isn't snapchat photo sharing? mr. montgomery: i believe that is some of it. i don't -- justice kagan: yeah. so that falls under the exemption; right? so you can use snapchat, but you can't use twitter? mr. montgomery: well, snapchat, as i understand it, you don't get the level of information that you get from something else. because twitter is -- you can find out much more information than you could from however many seconds of video or pictures or whatever you get with snapchat. so i think it's a -- it was a decision to go for the sites in which the most anonymous information could be collected by an offender. and that offender then would use that to groom the child or otherwise use that information to go meet the child and begin a relationship so that the child by an offender. and that offender then would use -- justice breyer: look, look -- the case b

that is the question, what will snapchat go? of facebook, which is highly profitable and gets a big piece of the online market, or will it go the way of twitter? twitter has three times as many users as snapchat but has never proved to be profitable, and that stock is trading heavily to the downside. we will also see with the competition is doing. instagram is offering a similar service already that snapchat is offering. you mentioned it earlier, it is not so much teenagers but white-haired men who grabbed the stock, which means investors are usually older and users are juncker. we will see in the long term if investors really understand what snapchat is all about. but the first drip -- the first day of trading at least is successful. jens: jens, thank you very much -- gerhard: jens, thank you very much. they're forcing them to register locally and pay taxes to them. the government says that is illegal. rebels say the move comes in response to an array of blockades by fighters of ukrainian army. reporter: ukrainian nationalists

army snapchat story. are you much of a snapchat user? not, actually.ger colleagues using it. at some point it became a popular left room for finance discussions as well, which is amazing if you think about it. yousef: i have not seen finance discussions, but i'm starting to appreciate snapchat more. i'm getting into a little bit. tracy: do have a chart. -- do you have a chart? yousef: not yet. that's what i'm going to do. tracy: we will be live from the region again at the same time tomorrow. ♪ >> the following is a paid program. >> star vista entertainment. announcer: before, your tv looked like this. on that friday evening, on every television in america, something magical happened. >> it all starts right now. ♪

here's snapchat. usage here. ad dollars here. fill that gap. my guess is facebook right now is $16 billion projected in display ads this year. so if snapchat projected to do a billion dollars this year, 970 was just dropped by 30 million. that variance, the ability for them to make money there in usage is monstrous. >> how does that differ from twitter when twitter you had a up year and down year. >> let's not forget twitter came out. stock went way up. lots of optimism. look back now a couple years later and say ten quarters of no growth, quarter to quarter no growth. growing the macro number. no growth quarter to quarter. that's years and years after the ipo. here's the next one. great engagement from snapchat. huge runway in the display. display is all they got right now. camera company, glass company, whatever. it's a display business right now. there are two leaders in the display business. facebook continues to just kill it in the display business. they're going to be 16 billion this year. google is number two. and then you got yahoo! aol

this is snapchat with david four years ago. >> snapchat is not a way to send inappropriate content becauseny photo i send to you can be saved by someone with quick fingers taking a screen shot or taking a photo with the camera. it's not a great way to send inappropriate photos. >> so all the stock in its offer sex texting -- >> i wouldn't know. >> sex texting. is not true? >> well, we don't see the photos. >> huh. >> i was obviously struggling with even saying the word sexting. not something i was that familiar with, but they have clearly moved on very quickly from four years ago where we were simply talking about disappearing photos as an opportunity to have a -- >> insider trading. >> as you brought to preet bharara. >> i want to ask you what percentage of your kids use snap versus instagram? >> my oldest one is not a snap user. he's an instagram user and my youngest we haven't let have a phone yet. >> mine is 60/40. >> when i'm on the couch and they grab my phone, it's snapchat. >> yeah, that's why colgate is sitting there thinking i can't think about a bubble or not, i got to get these

snapchat is leading.ard to be a leader and sustain that, but as they continue to work on it, a have a chance of stretching beyond the millennial demographic and to generation x and y. that could double their users. ok, you offered to get and him when it was still private? ian: well, yes but at a valuation that is not in our best interests. >> when you look at the company then, what was the potential? did you know we were going to see this kind of valuation now? ian: if i had known, i would've invested a billion sure. >> but there was something skeptical about it. what was it? , wheno go back in time they had the offer for 3 billion for facebook, i thought they were crazy not to take that. there is conventional wisdom in the venture capital business broadly that a business like snapchat can't be built outside of san francisco. that is the belief system forever. that is why venture capital dollars are in san francisco. outlierhave this company in southern california, the first time a business like that has