Snowflake Stock Soars 165% By Investing.com

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Investing.com – Cloud-based software corporation holds largest US IPO in 2020, reports Bloomberg. Even the legendary “Oracle of Omaha” Warren Buffett was interested in the startup’s placement, and turned three shareholders of the company into billionaires.

On the first day of trading, Snowflake more than doubled in price. At the premarket Thursday, September 17, the company’s shares rose in price by 111.61% to $ 253.93 per share, while the cost of placement was $ 120. At the same time, at the peak during trading on Wednesday, September 16, the share price reached $ 319 – this is 165% higher than the price of listing on the stock exchange.

This explosive growth in shares has led to the fact that three shareholders of Snowflake became billionaires, writes Forbes. For example, the fortune of the co-founder of the startup Benoit Dageville, who owns 3.5%, reached $ 2 billion in a day.

Earlier, the Buffett Foundation drew attention to Snowflake. The investor invested $ 250 million in the company that entered the market, buying shares at a price of $ 120 per share. Snowflake now has a market value of about $ 73 billion – nearly six times the valuation investors gave the company after its February $ 12.4 billion investment round. It has become more expensive ($ 66 billion), ($ 50.3 billion) and ($ 45.5 billion).

According to Forbes USA, Snowflake took the lead on Wednesday in the top 100 cloud companies on Wednesday.

(Text prepared by Yana Shebalina)

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