Snap Inc. (SNAP), the parent company of the very popular platform SnapChat officially went public last week on March 2nd. The verdict is still out on whether SNAP will live up to its hype and fanfare. Opinions have varied greatly over the last week on SNAP's long term viability and ability to ever turn a profit sending the stock price on a quote on quote "roller coaster ride" by shattering its reported IPO pricing of $17 a share by $7 bucks opening at $24 a share on March 2nd. Since then SNAP's stock has been as high as $29 a share and settling today just under $23 share on March 9th.
Despite SNAP's stock price volatility, one thing is certain: millennials still love SnapChat. Now I don't mean just using SnapChat (which also happens to be true as well)- in an article written by the Wall Street Journal it appears from early data, millennials are also investing their money in the young company. Robinhood, one of many new and exciting commission free stock trading platforms that appeals to younger investors, saw a huge trading activity surge in its core demographic of younger (below 30 years old) investors when the bell rang for SnapChat to start trading on March 2nd. Also, StockTwits a social media platform focused exclusively on those interested in investing, also experienced a lot of activity from its younger user base in mentions and comments in relation to the SnapChat opening.
Although, it's reported most millennials (18-35) still distrust the financial markets(around 60%) since the last financial crisis and don't invest because of this, other recent surveys suggest nearly 50% of the youngest millennials (18-25) don't invest simply because they don't understand how to begin. This is once again one of the core premises behind the No Bull Investing Course Lecture Series, to empower millennials - like myself - (and everyone else too for that matter) to take control of their financial lives and unlock the power of investing to get on the path to financial freedom. I hope you'll join us on this journey soon !