you have years of experience of dealing with evan spiegel. your confidence that both of them controlling more than 90% of the voting shares will not hurt the company as a publicly traded entity? >> i admire them are being transparent about their long-term views about the company. invested and then we backed them because we think they are brilliant. they are proven to be so. we have a high degree of confidence in the way they have made decisions and hopefully they will continue to innovate away they had done in the past. managing that was director of general capitalists. an update from amazon. after an internet outage in the u.s. this week. the company says it was human error that caused the sweeping internet outage that lasted hours on tuesday. amazon says unemployed accidentally switched off more service than intended. it caused errors that cascaded through the service. the service is used to have data, manage absent software downloads for more than one after 50,000 sites. company, snap has to address slower user growth. we will address the

it was only four years ago i interviewed spiegel on the floor right here.e did an interview with us. >> he was on number four on the subway? >> we did it on the floor. >> oh, floor, i thought you said four. >> guys in the booth, do we have spiegel a few years ago? take a look. this is snapchat with david four years ago. >> snapchat is not a way to send inappropriate content because any 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 versu

spiegel is compared often to mark zuckerberg. zuckerberg tried to buy snap for $3 billion in cash a few years ago. spiegel declined. nbc universal, the parent company of nbc news has a business interest with snap. now, the investors are cashing in. >> evan is an amazing product visionary. he understands what users want. >> reporter: spiegel made $5.4 billion. the company now worth about $35 billion. impressive numbers for a company that has yet to turn a profit. >>> an amazing coincidence caught on this officer's dashcam. he pulled over this car for speeding. >> you guys have anything to drink tonight? no? >> he asks if the driver has been drinking. the officer hears the squealing of a beer truck barrelling down the road. watch here, it loses control. sending beer bottles and cans flying, right at the officer and the other car. >> well over 1,000 pounds of beer bottles shattering and a tidal wave of beer coming at me. >> he left the first driver off with a warning. and the beer shower and saying it with a chuckle. >>> new revelat

. >> reporter: founded by now 26-year-old evan spiegel in his stanford dorm room, snapchat is a mobile messaging app that you can send and receive photos that can disappear after ten seconds. >> you don't have to worry about someone digging through it. >> reporter: the majority of users are 18-34. checking the app more than 18 times day. spending about 30 minutes a day snapping. >> on facebook, you want to be in touch with as many people as you can. 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 m

evan spiegel will run and keep control of snap.e a genius and b can he develop into the role of a high-powered business guy, successful business guy? >> i don't know if he is a genius. he clearly understands the users and way he guided the company and developed the app in the first place. he hit a rich vain other people are not able to do so. in that sense he is a really smart guy. as far as whether or not he can become what he needs to for the company to be successful down the road, i don't see any reason why not. he actually has got some pretty good people to pay attention to. he looks at what mark zuckerberg did and kind of follow in his footsteps. see what he did. he talks to people in the valley. i think these guys share tips and are happy to help each other along. i don't know if that is happening between mark and evan or anything but generally speaking you look how he did it and emulate him because clearly facebook has done pretty well. i don't know if he can pull it off the way mark did but i i dot see anything to indicate

evan spiegel looks very promising but he is not battle tested. david: lance, i know some of the original investors of facebook. milner had 10% at some point. he said there was something different about zuckerberg. uri knew all the people involved in social media. he said this leadership would make the company something. that is why he bought into it at the right point. he made billions as a result. does snap have that kind of a leadership? >> i agree with adam it is very difficult to say whether adam spiegel is same kind of leader. he has high degree of control, voting interest over the stockholders or the board. that will be really important. he wants to maintain control. something very important to remember about facebook, when it went public it was mostly a desktop operation. the eyeballs on desktop. advertisers on desktop. it knew it had to make the shift to mobile. there was a big question mark whether or not it could do it. >> very true. very good point. >> it has done it in spades. it's a juggernaut on the mobile side. that's where it make

evan spiegel 26 years old. bobby murphy 28 years old started this in 2011. they were stanford roommate spirit they will now have basically complete control of this company. for those of us to let it go of snap, you will not have any voting power. a lot of questions leading up to the ipo. the fact that the headquarters space no-space out. standing in front of two main buildings in venice beach. snapshot has nearly 30 buildings right now and of course a lot of protesters have been out here over the last several days because they feel a technology company like snap has no business being in venice beach. maybe it's a bit of a disturbance to the community. you say think you were very angry that snap is here. why are you angry snap is in venice beach? >> the main concern is the interaction between their employees in the rest of the community. they don't do anything without reach for the community. they take parking spaces. they have fans taking people to their different locations like you said before, over 30 locations spread out through the venice community. it's

evan spiegel grew up here in los angeles and is now engaged to a supermodel.teresting guy, one who tries to stay out of the limelight. we don't know if he will be at the floor of the new york stock exchange today to do the typical interviews after a company starts trading. the company is staying very tight-lipped. >> so unusual. >> obviously going well for him at the moment, today in particular. of the things to look out for, how things could turn south for the company, the likes of instagram and now what's app trying to get in on that snap story turf. is that a reason why they brought forward this ipo? did they say that on the road show? how much of a threat is that to them? >> they didn't say that's why they brought forward the ipo but listed that as a risk factor. they say there's a ton of competition. and they say having your main appeal being to younger users comes with risks, because teens, as we know, are fickle in taste. they also said they face a range of competition, not just from facebook and instagram, but companies like apple and google. when you

. >> there has been a lot of reporting about your own relationship with evan spiegel. is your relationship with the business? was it in part because of some of view owner's point you put on as seed investors? course of five years, there will be friction and every relationship. what is more important is whether you can work through it amicably and find a decision you feel good about our work towards a common goal, and we did that with snap. an in goal, but an important milestone for the company. >> do you think the restrictions you put in place were onerous? or is that part of being an investor in these companies? >> we were clear that we were interested in what they were doing and would love to invest in the company in the future, and that is what we have been able to do. caroline: that was jeremy liew. fighting battles on many fronts. this we started off with the senior vice president of engineering resigning after learned of sexual harassment allegations from his previous job at google. he has denied the allegations. bloomberg obtained a video of travis atlantic bera

you had evan spiegel, bobby murphy, the cofounders, spiegel, came, rang the opening bell.they got in a car and sat there with a book runner, benny adler to watch the developments and finally opened just after 11:00. big picture, there is a look from the spectacles, our producer courtney crawford put on the spectacles. they are saying they are a camera company. she got this with the spectacle glasses. that was right there, evan, bobby president of the new york stock exchange tom farley and his beautiful fiance, model miranda kerr. he is getting a big bonus. spiegel owns 25% of the company. billionaire at that. you had pivotal research a short time ago now putting out a cautionary note, saying analyst over at pivotal research saying sell, sell snapchat. put $10 price target on it. saying significantly overvalued. so there are the believers and there are those naysayers. right now it has soared. i will leave you with the spectacles so you can get a look at them. here they are. this is what the cool kids wear, neil. neil: i don't know, i don't relate. >> i'm not sure if adele

, the question is, you have snapchat, which has an incredibly artistic, fantastic founder in evan spiegelwho is up against a juggernaut in facebook that not only has zuckerberg stealing every feature and putting it into facebook, but he's convinced the instagram and whatsapp founders to try to kill snapchat as well, and you have instagram and whatsapp now stealing their features. so, the question is, do you want to bet on the thief, the artist who created these, or the den of thieves who are stealing all these features? and that is a really problematic issue for evan spiegel, but still, even with all of their might, facebook can't kill snapchat, and they keep trying. that to me says that snapchat is an amazing company and worth buying. >> jon? >> so, i guess, gene, the question is do we have enough evidence that cincinnati is able to outrun facebook in its various forms? it's like "terminator 2," i guess. instagram, the most direct competitor, but also whatsapp. have they shown enough in their innovation that facebook has been following that they can stay far enough ahead to command this

and as for that forbes 500 richest list spiegel is clocking ahead of george lucas and steven spielbergs outearning fellow entrepreneur richard branson at this point and as of today according to those "forbes" estimates even has a bigger bottom line than president donald trump. >> you'll get a tweet now. >> exactly, exactly. well, or a snap. maybe he can get into that but the question i had for this company is, is it more facebook or is it more twitter? if it's facebook, facebook's stocks since ipo day up 250%. twitter has cut its value in half. >> i like your snapchat dress by the way. >> >> very nicely done. >> ready to go. we'll bring in best-selling author ken auletta who covers the tech world for "the new y k yorker." we talked about facebook, young kids in college figure out something that they think they like and it goes out to the world and they become billionaires so it evan spiegel the next mark sumner redstone. >> when he has 2 billion users he might be but he doesn't. he has 150 million. >> 150 million. but snap, it seems to me, though, it has cornered the millennial market.

there has been a lot of reporting about your own relationship with evan spiegel.your relationship with the business now? some of the lack of it shareholder control has lifted because of some arduous, onerous point of view you put on as seed investors? >> over the course of five years, there will be friction in every relationship. what is more important is whether you can work through it amicably and find a decision you -- a common solution everyone feels good about and you can work towards a common goal. we did that with snap. the ipo is not an end goal, but an important milestone for the company. i think it is worth celebrating. >> do you think the restrictions you put in place were onerous? or is that part of being an investor going into these young companies? >> we were clear that we were interested in what they were doing and would love to invest in the company in the future, and that is what we have been able to do. caroline: that was jeremy liew. now to another big tech story this week. uber fighting battles on many fronts. this week started off with the sen

spiegel turned him down. 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. 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 manhunt for a killer. the family of a nurse fatally stabbed by an intruder in her own home is pleading for help to find her murder. they are hoping security video will help them crack the case. we have the latest. >> reporter: tonight the manhunt for the hooded figure this this surveillance video is intensifying. police suspect he was checking for unlocked cars, minutes before he snuck into an apartment complex and stabbed tiffany ferguson to death. >> she had a heart for nursing. >> reporter: her roommate heard the screams and called 911. >> we felt safe. we never felt like this could happen. >> reporter: so safe she says, they planned the sign a new yearlong lease later [000:10:58;00] inst

i bring that up because evan spiegel had come under similar scrutiny, but there is no doubt about his is there? know, and there is the chief strategy officer that fulfilled and strengthened the overall team they have surrounding it, much riding on the presence of evan spiegel. the majority, shareholding control held by two ,ey founders, even if they die we would never want to see that, but that is the extent we have to see for them to give over control, or if they sell 70% of their holdings. even if evan spiegel went to a tibetan monastery and got out of the business, he would still have control, so there is so much riding on a strong team. travis has to show he has a strong team. he has a good mentor. bill gates, mark zuckerberg, they had lessons to learn. joe: thank you very much. can't wait to see how that snap ipo trades tomorrow. up next, the former chairman of the council on economic advisers tells us how much he thinks trump will be able to get done well in the white house. scarlet: we want to share great function. if you miss conversations, interviews, charts -- you can check

. >> and i know you talked to evan spiegel about what the company is, this whole question of what it means to be a camera company. back in the day -- actually, i went back to the prospectus. it's probably one of the only ideal filings where they did use that word sexting in the prospectus. the company actually said when we were getting started, many people didn't understand what we were. they thought it was just for sexting, even though we knew we were being used for so much more. and boy, have they evolved and really captured the younger audience. >> they really did evolve, and quite quickly. i know it was only four years ago that we were on the floor with him doing an interview where i was bumbling my way through even the word sexting. >> yes. >> trying to understand it. but that was seen as what the key proposition was for people, disappearing pictures pp, yeah. >>> it is 11:00 a.m. on the east coast, 8:00 a.m. out west, obviously. dow's down 28 points. the story of the morning remains the ipo of snap. biggest tech ipo on the u.s. exchange in almost three years. pricing well above

spiegel is expected to stay on as ceo and murphy as chief technology adviser. are these guys really ready to lead a multibillion dollar public company? joining me is bull's-eye brief founder and eric schiffer, good to see you guys. talk about the stock first, adam. kind of expensive? >>o, yeah. this is extremely expensive. trading at 30 times sales. for a little perspective, facebook trades at 10 times sales, twitter five times sales. this is way more expensive but growing at 600%. the same time next year, trading at half the price of facebook, and that's the deal. it's just growing so fast. trish: you got to buy into the growth, you can't think there is an upstart that's going to replace it. think about facebook, wasn't the original myspace and diminished by facebook? is there anything on the horizon, eric that would give you pause? are there competitors to snap that we're not thinking of right now? >> let me tell you what gives me pause, trish, is the mirror evan is going to be looking into. the reality is this is the new myspace, it just is. the core competi

the challenge for snapchat going forward, all those users, evan spiegel and company be able to monetize with ad sales. time will tell. back to you. david: thank you, lori. melissa: charlie gasparino joins us with more color on today's ipo, the company freezing out retail investors? >> the retail allocation from a normal ipo is down 70%. usually 5% allocation. it was down about one, 1 1/2%. the takeaway story here stock i believe popped on enthusiasm. there may be some millenials want to buy the stock. let's be real clear here, it's a money-losing company and there is scarcity. retail investor was not into this. anybody underwriting, morgan stanley, goldman sachs, they had almost no retail distribution. what does that mean? the stock is held by insiders, company insiders and hold by institutions who were told to hold on to it. what you had some demand. you had scarcity, you had a big pop. this is stock i would tell anybody, just be cautious with, because you know, it could be a facebook, it could be a twitter. we don't know enough now, and popping on this scarcity value so stay the hell

it remains to be seen how spiegel will react to that.of control of the company, they got the voting rights. let's put it this way. if there is a potential acquirer of this company and they come in and bid on snapchat, or snap, i should say, it gets a lot of doubt in terms of whether spiegel and murphy will actually agree to that and agree to be sold. that could create some problems for shareholders in the future. caroline: interesting. he's saying it's an overvalued stock, but hold it. now to a developing story. the big data company back i intel is working with morgan stanley, jpmorgan, and bank of america. if i'll confidentially for its ipo. it's planning to go public this year and is eyeing a valuation of war $.1 billion. a quick programming note, tomorrow it's job stay in the usa and were joined by the director of president trump's national economic town so. that conversation at 9:30 a.m. new york time, 2:30 p.m. london time. season is underway, but what happens if the snow doesn't come with it? that is next. this is bloomberg. ♪ caro

david: do you see spiegel as a zuckerberg-type personality? guest: i think he really is.van, i met him in the fall of 2012, before you did his series a funding round. we took a walk on the beach in venice. he told me he was going to take down twitter and facebook. caroline: why didn't you buy in? guest: that is a much longer story in the way that decisions get made. but he already had a clear vision, and he had already identified $.10 as the model he admired most in the market, and he wanted to build a platform that looked a lot more like tenc ent. he had just robot -- rebuffed an offer from mark zuckerberg the previous week. we thank you very much for your time. of course, alex barinka will be live tomorrow from the new york stock exchange, and david kirkpatrick is sticking with me. a quick update on yahoo!, the company just filed a 10k in the annual report measuring the company's financial health. ronald bell resigned from the company's general counsel. also, marissa mayer let go of her bonus. bloomberg received a statement from mayer saying, "i have agreed to for go my

evan spiegel and bobby murphy — both in their 20s — will be worth around $4 billion each.a 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 new york stock exchanges. why are investors so excited about a company valued at $20 billion but has yet to make a profit? they are hoping it will see the same success as companies like google or facebook. of course, the worry is that they will end up looking more like twitter, companies that came with a lot of hype but not much chance. twitter, companies that came with a lot of hype but not much chancem isa lot of hype but not much chancem is a new breed of social networking. it is not like facebook where there isa it is not like facebook where there is a big public wall with your family on there, it is not like twitter broadcasting to the whole world. if you are of a child com pletely world. if you are of a child completely

evan spiegel, get to know that name.e is only in his 20s, he is celebrating the debut of the company he cofounded, snap inc. ipo for for the history books. and a fiance supermodel. will this hot social media stock fizzle to a fate like twitter? ross gerber and peter schneider about to duke it out. jaws, paws, claws, hoods, full bull-bear debate at new york stock exchange. i'm liz clam -- claman, so happy you're with us. "countdown" coming right back. so how old do you want to be when you retire? uhh, i was thinking around 70. alright, and before that? you mean after that? no, i'm talking before that. do you have things you want to do before you retire? oh yeah sure... ok, like what? but i thought we were supposed to be talking about investing for retirement? we're absolutely doing that. but there's no law you can't make the most of today. what do you want to do? i'd really like to run with the bulls. wow. yea. hope you're fast. i am. get a portfolio that works for you now and as your needs change. investment management s

evan spiegel, 26 years old and he and bobby murphy, 28 years old.they had idea of pictures that could disappear. idea among three friends. this is the second largest technology ipo in history to facebook. that is where it could end. what is different with this, evan spiegel and bobby will have complete control. meaning if you buy any of that stock tomorrow, you're not going to have a voting share. no one does. the provisions in the filing, the s-1 were really i thought fascinating, look at prospectus, they would have to die, i'm not kidding that is in there, or would have to relinquish power over several months for the voting class a, class b, class-c shareholders to have power. they're looking getting into the drone business right now. to monetize the users, those 25 and under users on snapchat 20 times a day. they love it. we have to make money, liz. that is the big question with this ipo tonight. liz: they have to engage my 15-year-old to spend money that would be my money. the answer is no. but the snap spectacles i'm wearing, 1 30 bucks. they h

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 your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess

. >> you're buying it that because you believe that spiegel is the next zuckerberg.hey're $400 million in revenue -- >> does it have to compete with facebook, and twitter and google? my point is that -- >> you're just trying to be difficult. >> for you, dan. the point is that when facebook went public it didn't have the competitor that this has right now. >> here's the thing. you could've said the same thing when twitter went public. it had that competitor in facebook. they went from $500 million in sales to $2 billion last year. there's no doubt in my mind that senate chat will do the same thing. >> twitter has not changed their product one eye oata and it's become a cesspool of just everything that we hate about social media and this is not -- >> that's what you're making the bet on that. >> they see it as a form of communication amongst people. >> so did twitter. they saw it as a form of communication. if snap doesn't change their plan, doesn't change their business plan then they go the way of twitter. >> let me just ask you this, this valuation, what do investor

spiegel took a different route and his partner. they left the exchange.o goldman sachs and they watched from there. and they watched the book getting put together at goldman, which was the stabilization agent. >> right. >> morgan stanley also the lead underwriter. >> they didn't hang out. you saw my selfie with evan, right? did you see? >> yes, i did. >> i tweeted it a thousand times yesterday. >> i did see it. very impressive. >> but did you get a ghost plushie? >> i did. i had it all day. it was kind of like live long and prosper. anybody who gave me a hard time, i put it right in their face. >> all that, dow's up 20 as we said earlier led by goldman. let's check in with bob to see what's moving on the floor. >> hello, guys. happy friday. great day for snap. let's look at sectors, mixed market but still positive. i say positive because the bank stocks are up, this is despite of course concerns about higher interest rates, they're again leadership stocks today, industrial stocks also on the upside, materials up, take a look at gold. gold's been down four

. >> evans legal -- evan spiegel, wo

with me are kate devlin, political correspondent at the herald and peter spiegel, news editor at theinancial times. nice to see you both, waiting patiently so we can get on air! now for the front pages, starting with the guardian. it says that theresa may is putting off the controversial rise in national insurance contributions for the self—employed until the autumn. the times claims her decision to delay the measure would be embarrassing for the chancellor who pledged not to show it difficult decisions on tax. the daily telegraph says the prime minister is refusing to back down and says she denies breaking a ma nifesto and says she denies breaking a manifesto pledge not to raise tax. conservative party whips warned mrs may that they did not have the numbers of mps needed to push the budget measure through the commons, according to the daily mail. the sun also focuses on the national insurance story and announces its own campaign: calling on the chancellor to scrap plans. theresa may could trigger brexit talks as early as next tuesday, says the express , early as next tuesday, says t

[laughter] >> evan spiegel, cofounder of snapchat,

sandwiches, and goodies from executive chef, effie spiegeler. >> chicken and waffle sandwich will be really good. the ahi poke tacos in the tavern are a hit. >> reporter: the as say they're disappointed the raiders plan to move off to las vegas but also means the baseball team is the prime tenant for now. long term, the as hope to to announce plans for a new stadium at one of four sites in oakland. >> this its a 100 year decision. we will have this ballpark hopefully 100 years, our fenway, our wrigley, that's ale important decision that we have to make collectively. >> reporter: getting community emput from local officials and fans. speaking of fans they're excited to have a positive sports story to enjoy, not an historic trs t franchise leaving town. >> if we got to keep one. happy it is the as. >> hopefully get some respect around the bay area. >> meantime, as hoeme opener wih the angels. the team will name their field after hall of famer, oakland native. ricky henderson. thomas, abc 7 news. >> it was a banner day for space x. the company successfully launched reused rocket from ke

android programmerfrom damascus who spent ten days travelling to germany from turkey and was filmed for spiegelthe border. he graduated as a computer engineering 2010 and arrived germany in 2014. i was a little disappointed because i thought i would find big technical companies, and i will directly find a job and work, but it was not like that. i needed about ten months to discover courses. this school takes a few dozen refugees each semester, and teaches them coding skills. the school was heavily supported by facebook who donated space. mark zuckerberg and his wife priscilla visited the students recently. through this place, an app called dalili was developed to provide information about berlin to newcomers. it means ‘my guide‘ in arabic, so they do not suffer like me in the beginning. they can directly access all the information that they need. he has won an award for his work and is entering an entrepreneurship internship for six months. in berlin, finally i found my dream that i can take programming courses and connect with a lot of companies. i can enter the tech community here in this cou

evan spiegel and bobby murphy — both in their 20s — will be worth around $4 billion each. send a picture to someone else through the app and then it disappears. we are also looking at netflix — the internet tv streaming service has been growing fast and is on track to hit 100 million subscribers. but it's facing growing competition. co—founder and ceo reed hastings has been speaking to our technology correspondent— rory cellanjones — we'll have that for you to in 20 minutes time i would like to share. on his first day as president, donald trump signed a ban on us government money going to international groups that perform abortions or even provide information about terminating pregnancies. many global charities are worried his order will hit healthcare for women, particularly in poorer and developing countries. to try to fill the shortfall, countries such as the netherlands, sweden and denmark are launching a special fund—raising conference in brussels called ‘she decides'. the bbc‘s yogita limaye has been to nepal, a nation that depends heavily on international aid. she's

evan spiegel and bobby murphy — both in their 20s — will be worth around $4 billion each.o. is it worth $24 billion? they have the younger audience only brands wa nt to the younger audience only brands want to reach. for me personally it makes me feel like a dinosaur. i find this out incredibly difficult to use. if we rewind and look at facebook. when it went on the public market it had huge scale. millions of people use it. notjust young people. for me that's one of the biggest concerns. it has a lot of young users. there is optimism around because it has quite a few, given its young age, but can they entice more to keep that user base growing? well, as we have seen in the lead up to this ipo, user growth has been slowing. i think that is because of threats in the market. look at instagram, they went away and copied some of the biggest features of snapchat. but they have the backing of facebook to move users across. i think there are some worries there. kevin the owners, still in their 20s, they will retain complete control of the company. given they have minimal corporat

the two founders, including evan spiegel, they have stakes worth about $4 billion, so they have a strong prove the company can live up to this play wishon as they go forward. haidi: absolutely. for us there and tokyo. lightspeed venture partners was one of the early investors and snap. we spoke about the relationship founders, the board, and the future of the company. >> when you become part of popular culture and see that user base aging up, so it started off with mostly young women when we invested, mostly teenage women, teenage girls at first, but today you see that has been spreading to people in their 20's and 30's and beyond, and as you see that broadening, you gain a lot of confidence. geographically speaking? they say you need high-speed, powerful phones. where else but the united states? we are almost hitting saturation point in the u.s. >> if you think about the places with high-speed internet connections today, the u.s., north america, about 70 million of the daily active users. europe is also big. the rest of the world encompasses some of the spots in asia with more developed

seeingl spiegel is, $64 billion. >> if you look historically at these technology companies they settlen and trade below offering price. there will and lot of volatility, then that might be an entry point. they jumped a little bit at the initial pricing. that was a great time for people to get in. so i think there is opportunity. there will be more opportunity to buy, and be patient. and obviously it's an own earnings dividend play, sow i wouldn't put every penny you have into it. >> they will be collectors items along with pet rock and new coke. coming up, president trump says he will make a deal with democrats on immigration. but will they come to the table? wants to put money on it? lower than td ameritrade, schwab, and e-trade... you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ but who you invest with. put under a microscope, we can see all the bacteria that still exists. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture every day. juswho o

. >> an exciting morning yesterday, it went off like a well-oiled machine huge crowd here spiegel murphye video taken with the spectacle glasses hardware, of the open at that time. you have the market maker on phone with goldman sachs guy upstairs book runner-up stairs adler go to guy for alibaba executing this talked to fidelity wellington vanguard off beautifully took off like creates a by the end of the day up 44% i will say this morning, people servers are probably pretty happy to see that instead of selling off some huge gain 44%, in fact we're seeing it holding on to some of that, plus 1.6% looking around 24.90 here in premarket, that being said, we are seeing the cofounders on the rise, as spiegel very much on -- person as we know from history, they rang the bell both got in the car, with fiancÉe miranda's parents here father hung around after lunchtime really soaking all in, what an exciting experience it was both went to goldman sachs a lot of optimism that you have the up arrow analysts are concerned about a electrify things, obviously, blowing through a lot of cash not seeing

scarlet: you have years of experience in dealing with evan and spiegel.of them controlling more than 90% of snap's voting shares, that won't hurt the company as a public entity? hemant: i admire them for being transparent about their long-term views for the company, and doing this as a priority. we invested in them, we backed them because we think they are brilliant and they have certainly proven to be so. the way they have made decisions, and hope they will continue to innovate the way they have in the past. hemant taneja, thank you for your candor on snap. congratulations on the -- that the ipo price is above its range. mark crumpton has more from the newsroom. mark: chuck schumer says attorney general jeff sessions must resign. the justice department confirms sessions met with russia's ambassador to the u.s. while he was a surrogate for the trump campaign. in his senate confirmation hearing, sessions denied any contact that occurred. cannot says sessions play a role in the investigations into russia and the trump campaign. >> the justice department mus

evan spiegel is worth $4.49 billion and that is a rough estimate. we have bobby murphy, 28-year-old, cofounder were $3.6 billion, this is the third-largest technology ipo in history behind ali baba and facebook. that is where the comparisons end. facebook when they started trading and close their first day was a bit of a stumble only gaining 0.61% for the day. twitter that first day of trading they had the stock gained 72% and twitter the company has struggled. what is next? they call themselves a camera company, snapchat says they want to get into the drone business and transformed the company into more than just an apps you send pictures and videos to your friends. the question for this ipo is for investors overall, this ipo good for main street or wall street? both or neither? we will see where the stock goes. back to you. >> investors will be focusing on a new speech from the fed chair janet yellen. she is expected to join the chorus of other fed officials saying an interest rate hike is on the table, the next policy meeting is in less than two

think they been told not to and not to talk to the media today all of this accretion if you are evan spiegelmade a couple of of decisions that make people cautious. he has total control. the founders had complete control if you buy stock in snapped cap tomorrow you will not had voting power. it's one of the things it's very different also remember with facebook they already had millions more users active daily under hundred 58 million. and then had instagram which facebook owns. certainly starting to compete. how they feel about snap chat. listen to what they told us here. i use every day. all day. so here's the question. if you look at the breakdown those that are 25 and under. there on 20 times per day. those that are over 25 are on 12 times. his finest talk at that idea. here with more. good to have you here. it feels really big. give me some sense of how that compares. for all talking u.s. steel you can imagine what they're saying. having been on wall street when you have a market that is making new all-time highs these guys are doing back flips on the trading floor right now. and cheryl