, Columnist
A Modest Parable About Snapchat's IPO
The amount is small compared with the negative perception.
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Imagine you designed and built a home from scratch, starting from a vacant lot in an untested neighborhood. You erected a beautiful roof and four walls, and the house could really turn into something special. But it still needs a lot of work. It's not entirely clear how much the home will be worth in five or 10 years.
Against all odds, you're about to sell this promising but under-construction house for a giant windfall, at least on paper. Or rather, you are about to sell a small portion of your house to a new group of minority owners and occupants. The transaction will slap a giant value on the home you built from nothing. The new tenants get no say in future paint colors or anything else about the house.