As Snap Inc. was preparing to take its shares public on Thursday, March 2, another company with a similar name was jumping.
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We spoke to the chairman of the company whose stock exploded after people confused it with Snapchat — here's what he said (STVI, SNAP, TWTR)
It's not the first time that shares of one company have surged following news on a similarly named one.
Ribbit Live, an app owned by Snap Interactive.
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Snap Interactive, the owner of dating and messaging apps including Tinychat and FirstMet, surged 18%. Its so-called over-the-counter shares — traded without a centralized exchange — quickly fell when the parent company of Snapchat started trading.
That was not the first time that Snap Interactive's shares moved around major news announcements from Snap.
Its trading volume started rising in January after news of Snap's plans to file and then jumped 164% in the four days after the regulatory filing made it official.
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It's not the first time that shares of one company have surged following news on a similarly named one. Tweeter, the bankrupt electronics retailer, saw its shares pop 685% when Twitter filed for its IPO in 2013.
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