Model Miranda Kerr, center, takes a selfie with friends at the opening bell at the New York Stock Exchange, as Snapchat celebrates its IPO, Thursday, March 2, 2017. (AP Photo/Mark Lennihan)
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The mobile application Snapchat became a social media star with messages that vanish after viewing, making co-founders Evan Spiegel and Bobby Murphy among the youngest billionaires on the planet. The history of the company, recently rebranded just Snap in an effort to be seen as being about more than one hit smartphone application, fits into Silicon Valley lore with wealth for its creators as well as controversy regarding who gets credit for its genesis.The image of Snap's 26-year-old co-founder and chief Evan Spiegel is far from that of a geek.If Spiegel is the public face of Snap, Robert "Bobby" Murphy may well be considered its brain.The official version of Snap's genesis is that Spiegel and Murphy were Stanford students who became friends in a fraternity and then invented Snapchat.That payout came the year after Spiegel and Murphy rejected a $3 billion offer from leading social network Facebook to buy Snapchat.The company contends it can generate healthy and sustainable revenue with advertising aimed at its users, the bulk of whom are in a coveted demographic of people 18 to 34 years old.
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