Here's how much Evan Spiegel is worth after Snap's IPO

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The $24 billion valuation is slightly above the range the company aimed for two weeks ago when its IPO plans were made public.

The main question for investors ahead of the Initial Public Offering (IPO) was whether Snap represented a good financial bet given varied performances for similar stocks since their own market bows.

The deal was more than 10-times covered, according to a person familiar with information on the deal. Instead, he said, it has more in common with Twitter, which has struggled since going public. Orders for the IPO were concentrated at about $17 to $18 a share, people familiar with the process said Tuesday.

However, high interest led some to speculate that the company would raise its share price.

Founded in early 2011 by three friends who first met in a Stanford University dorm, Snapchat was valued at $4.25 million when it received its first venture capital. Shares of Snap jumped $8.21, or 48 percent, to $25.21 a share in afternoon trading.

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"Based on current price its market cap exceeds the likes of BAE Systems, Anglo American, Aviva, Tesco and Standard Chartered and is about the same as RBS".

Analysts and investors on Wall Street who wondered how Snapchat's parent company, Snap Inc., would fare when it hit the open market got their answer Thursday. In particular, Facebook's Instagram may emerge as a substitute for Snapchat. "This could be the next Twitter, or worse, Myspace".

Although Snap is going public at a much earlier stage in its development than Twitter or Facebook, the five-year-old company is valuing itself at almost 60 times revenue, more than double the 27 times revenue Facebook fetched when it went public in 2012.

Still, for now, investors have set those concerns aside to focus on the potential. While it has yet to profit off that popularity, it is growing its revenue, which was $404.5 million in 2016.

Snap's IPO was oversubscribed by more than ten-times, indicating a hunger for the shares that might produce a pop on the first day of trading. It also partners with companies that sponsor custom filters, which users can apply to the images and videos they take.