Snap Inc. shares fall as short sellers move on the stock, Hyperloop One unveils photos of test track in Nevada, and Two Bit Circus hires theme park executive.
Snap Inc. Shares Fall as Short Sellers Move on the Stock
Shares of Snap Inc. fell 12 percent on Tuesday after analysts expressed skepticism about the company’s future revenue prospects relative to its stock price, reports Reuters. Institutional traders were paying annualized interest rates between 15 percent and 40 percent to be among the first to short-sell the stock, according to S3 Partners, a financial analytics firm.
Hyperloop One Unveils Photos of Test Track in Nevada
Hyperloop One unveiled photos of its test track in Nevada about 30 minutes outside Las Vegas, reports The Verge. The test track, called the DevLoop, is 500 meters long and 3.3 meters in diameter, which according to Hyperloop is enough space for it to conduct public trials of its technology by the end of June.
Two Bit Circus Hires Theme Park Executive
Two Bit Circus announced that it hired Kimberly Schaefer, former chief executive of water park Great Wolfe Lodge, to lead the opening of its “micro-amusement parks,” according to a press release. Schaefer spent nearly 18 years as the chief executive of Great Wolf Lodge, growing it to 15 indoor-waterpark resorts.
Send tips on L.A. tech companies and startups to reporter Garrett Reim via [email protected]. Follow @garrettreim on Twitter for the latest in L.A. tech news.
