alex barinka and sarah frier. is still ahead, the story of the week, and catch up with one of the first investors in snap. lightspeed venture partners. the new york stock exchange president discusses snaps trading debut. take a listen. the take great comfort stock opened at 24 and is trading smoothly around that number. that is what you want on a first day. ♪ caroline: now back to the tech story of the week. silicon valley venture capital firms will make a small fortune from their investment, like lightspeed venture partners. as a $485,000 investment. we caught up with jeremy liew and asked what made snap such an attractive investment. take a listen. >> when we met evan and bobby and heard about their business, they talked about how there was something missing from social media, how it had almost become a highlight reel for your life, that was creating performance anxiety for people. unless they looked pretty or perfect, they were not putting themselves on social media. we were just getting this tiny little sliv

caroline: bloomberg's alex barinka and sarah frier. still ahead, the story of the week, and we catch up with one of the first investors in snap, jeremy liew of lightspeed venture partners. the new york stock exchange president tom farney discusses snap's trading debut. take a listen. >> i take great comfort the stock opened at $24 and is trading smoothly around that number. that is what you want on the first day. especially with a large ipo. ♪ ♪ caroline: back to the tech story of the week. snap decision higher than its original listing price. -- ending the day on its initial listing higher than its original listing price. a number of silicon valley venture capital firms will make a small fortune from their investment, like lightspeed venture partners. it began as a $485,000 investment. we caught up with jeremy liew and asked what made snap such an attractive investment. take a listen. >> when we met evan and bobby and heard about their vision, they talked about how there was something missing from social media, how it had almost b

joining us, sarah frier, who covers a snap for us. alex, your iq know how. how do they manage expectations. is 24% a little bit too much? alex a typical ipo you would : like to see 20%-30%. this will have a little bit more buzz based in. if you look at twitter it was 70% or more on day one. somewhere in between seems like they hit the sweet spot. when i look at trading and how the stock kind of slithered day, ithat $25 mark all was pretty stable, not a lot of swinging going on. we sought to walk toward the end of the day down to the closing price. it seemed like a decent way to go out in your debut. no one is quite complaining about the return for investors. caroline: looking at the ipo you look at facebook, up now almost triple its initial ipo value. after a year it was down 31%. , twitter on its debut opened up more than 78%, then it was down 10%, now it is down 65%. it is worth remembering whatever happens on the first day of ipo, does not always remain. talk us through the managing of expectations and perhaps where the roadshow was not all smooth, there

joining us from seattle is debra williamson, and from san francisco, sarah frier, bloomberg technology reporter who has been all over this snap piece of news. give us the, sarah, update in terms of the amount of voter subscription. it does seem to have been correlating around the $17 to $18. could it go higher? they want to price it at a level to ensure they meet the demand, but not too much that they don't get a nice bump on their first day of trading. at $17, it is priced because of that outpaced demand, it could have gone even higher, but snapped executives want to make sure that tomorrow, when the shares start trading, you get a nice, healthy trading bump , and people will say the ipo went successfully. caroline: david, you are an optimist when it comes to snapchat. tell us what the advertisers are looking at. 158 million users? how much bigger can it go? >> i think snapchat has a long road ahead of it. this is a company that has only been selling advertising for a couple of years. we have heard the news about slowdown in user growth, but i fully believe that as snapshot grows in -