Investor Makes $12B on Biggest Software IPO Ever

Snowflake has a massive debut
By John Johnson,  Newser Staff
Posted Sep 17, 2020 10:40 AM CDT

(Newser) – If you're hearing the word "snowflake" a lot today, it has nothing to do with politics. Snowflake the tech company is coming off the largest software IPO in history on Wednesday, reports CNN. The company priced its shares for the initial public offering at $120, but they opened at $245 and closed a bit higher than that, meaning the company is now valued at $70 billion. It was valued at $12 billion in February, per Business Insider. More:

  • Buffett boost: One reason for the big day might be what Axios calls the "halo effect" of Warren Buffett. His Berkshire Hathaway bought about 2 million shares, the first time the company has invested in a tech IPO. The company Salesforce also bought about 2 million shares.

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