Snap is a ‘winner’, Cramer changes his mind about his CEO
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CNBC’s Mad Money host Jim Cramer claimed Tuesday that he now believes that Snapchat’s parent, Snap Inc (NYSE :), has been very successful under the leadership of its co-founder and CEO, Evan Spiegel.
What Happened Cramer said on CNBC’s ‘Mad Money Lightning Round’ that he was wrong to judge Spiegel and say he was too “Hollywood.”
“I was doing the right thing. He’s done it, ”Cramer responded to a caller on his show.
Shares in Snap have risen 130% since the company went public in March 2017. Spiegel, whose net worth is estimated at around $ 12 billion according to Forbes, has been very successful with Snapchat. Stanford’s alma mater married Australian supermodel Miranda Kerr two months after the company went public.
Why It Matters The Covid-19 pandemic has proven to be a boon for Snap’s business. While other companies suffered the consequences of economic closures, people from all over the world confined to their homes, turned to social networks to entertain themselves and interact socially.
In early 2020, Snap’s stock was trading at around $ 16.62. In late May, Snap shares again hit new 52-week highs near $ 20, and the shares hit $ 26.76 in July before an extended period of consolidation. In October, Snap’s shares soared more than 30% to new all-time highs, after the company reported strong subscriber growth during the third quarter.
The price movement On Tuesday, Snap shares closed 2.03% lower at $ 62.28.
Next, we recommend you read: Snapchat confirms the launch of AR glasses
Read the article also in Benzinga Spain
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