A savvy investor – or maybe divine intervention? -- nets the school a fortune
Saint Francis High School in Mountain View, California, just saw their $15,000 investment in the social media app Snapchat earn the school about $23 million.
According to a CBS San Francisco report, the school became an early backer of the internet start-up in 2012, after parent Barry Eggers, whose kids were avid Snapchat users, convinced its board to invest in the company. On Thursday, the company’s IPO increased its market value by $9 billion after the first day of trading, making Saint Francis High a very happy investor.
Former School President Kevin Makley, who was among those who made the decision to invest in the app, told CBS that the school is blessed:
“I’m not so sure that I call it divine intervention, but I’ll tell you what: if you can turn $15,000 into the vast amount of money that this return will bring, you have to say God’s looking out for us,” said Makley. “You’ve got the smile of someone who looks like they just won the lottery. We almost feel like that.”
According to the report, the money will go toward offering financial aid to students at the school.