Ralph Gollner: Folgendes habe ich "aufgesnapt" & rewritten: Investment Banks Morgan Stanley and Goldman Sachs made over $200M+ in fees (I guess) on the USD 3.4bn raised on the SNAP-IPO some days ago. Even if Snap ends up going bankrupt in the future - CASH has already been made (tick)…and they have recognized the latter just might happen. After all, in the S-1 filing, they’ve given themselves 100% legal protection against shareholder lawsuits by warning investors in the very fine print that Snap “may never achieve or maintain profitability.” >>> (!) That is an exact quote in the S-1. Was it too early for Snap to IPO or why would one need to think @ an IPO about failing and using phrases like that (was there some probability checking and the P was near the 51/49 or even 60/40 pie-border?!?) So maybe Snap goes on to be a great success...or maybe they don’t figure it out and end up burning USD 25B of retirement savings of hard-working Americans (& some other small investors?) who can’t afford more hurt... Info on the Form S-1: This is an SEC filing used by companies planning on going public to register their securities with the U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions source: https://medium.com/@timothyconnors/snap-too-soon-... wikipedia