Snap Inc. files for $3 billion IPO; discloses 158 million daily active users, concerns raised over cracks in SpaceX’s rockets, and Faraday Future sets sights lower, plans for smaller factory.
Snap Inc. Files for $3 Billion IPO; Discloses 158 Million Daily Active Users
Snap Inc., parent company of ephemeral photo-sharing and messaging app Snapchat, has made public its $3 billion initial public offering of its stock on the New York Stock Exchange, reports the Business Journal. The filing did not price the offering of the Venice business. Snap describes itself as a camera company in its SEC document, though it had been rumored the company was seeking a $25 billion valuation.
Concerns Raised Over Cracks in SpaceX’s Rockets
Congressional investigators are raising new safety concerns about Space Exploration Technologies Corp.’s plans for future manned launches, citing persistent cracking of vital propulsion-system components, reports The Wall Street Journal. The crack-prone parts are considered a potentially major threat to rocket safety, industry officials said, and may require redesign of what are commonly called the Falcon 9’s turbo pumps.
Faraday Future Sets Sights Lower, Plans for Smaller Factory
Electric luxury car startup Faraday Future is throttling back plans to build vehicles in the United States and will build a smaller factory in North Las Vegas, the company and public officials said, reports Reuters. It has also pared its planned product portfolio down from seven to two vehicles.
Send tips on L.A. tech companies and startups to reporter Garrett Reim via greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.
