The Observer view on the Snap flotation | Observer editorial

The company’s staggering $28bn valuation sends an instant message that capitalism needs major reformIf Snap were a country, it would make it into the largest 100 economies in the world. The company, which owns the instant messaging app Snapchat, floated on the New York Stock Exchange on Thursday and is now valued at more than $28bn. It is an eyewatering sum for a company started just five years ago by two founders, still in their 20s, and which lost $514m last year alone.Snap’s valua