Snap Inc files for $3b initial public offering

Snap Inc, the maker of the disappearing photo app Snapchat, filed for an initial public offering, the first social-media company to do so since Twitter Inc more than three years ago.

The company filed with an initial size of $3 billion, a placeholder amount used to calculate fees that may change. Snap plans to raise as much as $4 billion in the IPO, people familiar with the matter have said, for a market value of as much as $25 billion.

The company's net loss widened to $515 million in 2016, on revenue of $404 million, according to the prospectus filed on Thursday.