by Dolapo Adelana

Snapchat founder Evan Spiegel has joined the league of multi-billionaire tech gurus.

Snap Inc, the company behind disappearing messaging app Snapchat, had its Initial Public Offer on Thursday which increased its value to $33bn.

The share price began at $17 at the New York Stock Exchange, but few moments after Snap co-founders Evan Spiegel and Bobby Murphy rang the opening bell the company’s share price rose 41% to an opening price of $24. Within minutes the stock rose to $25 and looked set to go higher.

The rise is comforting to investors who are expecting Snapchat’s sale to push a new generation of successful tech firms, including Uber and Airbnb, to list publicly.

In 2013 Speigel, 26, and Murphy, 28, turned down a $3bn offer for the company from Facebook’s Mark Zuckerberg.

Snap’s launch puts it ahead of Twitter, currently valued at $11bn, a tech company that was similarly hyped ahead of its initial public offering but that has proved a disappointment to investors.