Cancel That Bake Sale

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Here’s the headline news from this morning’s Palo Alto newspaper. It seems that a local high school, St. Francis, invested $15,000 into SnapChat when it was just starting. They sold out at the $17 IPO price for a cool $24,000,000. Kind of a shame that they didn’t hold on just a couple more days, eh? I have a feeling there are some school boards that will be getting some very bad ideas based on this article. (Incidentally, it looks like the value of those shares would be $40,000,000 as of this writing, not even two full trading days as a public firm).