A California high school just cashed in on millions of dollars from the first public offering of shares in Snap Inc., the company behind the Snapchat app.
A student’s parent, who’s a venture capital investor proposed the investment idea to the board of the Saint Francis high school in Mountain View. They agreed to invest $15,000 in starter money in Snap in 2012, when the company was just getting started.
The school held onto the investment until this week, when Snap shares sold for $17 each in an IPO.
The school was quoted by media including website Quartz as saying they sold two-thirds of their shares at $17 each, to raise $24 million.
