Remember the SNAP IPO? Yeah, that was comedy gold.
And now, almost two years later, it's less "Funny ha ha" and more "Funny holy shit." See?
We're not saying that SNAP's entry into life as a publicly-traded company is not going smoothly, but we are saying that the SEC has wondered aloud how anyone let it happen.
But it turns out that there might be some hilarious answers to this essentially rhetorical question:
One day in late 2016, executives at the Big Board ordered dozens of regulatory staffers to head down to the trading floor so it looked busier than it really was — an elaborate ruse to impress the chief executive of Snap Inc. as he weighed whether to list the vanishing-photo app maker’s shares there, The Post has learned.
NYSE brass hatched the sneaky sham, secretly caught on video by a disgusted employee, after Snap CEO Evan Spiegel remarked during a Nov. 18, 2016, tour of the exchange’s historic building at 11 Wall St. that the trading floor looked empty, according to a source.
In response, Thomas Farley, then the president of the exchange, promptly ordered regulatory officials to fill it up, insiders said.
Haha, solid prank, Farls! That Valley douche wouldn't know a floor trader from a risk analyst. Awesomesauce.
According to the report, it's unclear if Spiegel actually got a look at the trading floor, but that feels immaterial to the genius of Farley's last-minute inspiration to fuck with him...
Within minutes of Farley’s order, sources said NYSE’s internal regulators — who are supposed to police the exchange, not help it win business — received an e-mail from an assistant to Anthony Albanese, NYSE’s chief regulatory officer.
The message: Albanese wants you down on the trading floor.
Between 50 and 70 regulators then stopped their work and took two elevators from the 20th and 21st floors down to the trading floor, according to two sources.
Bwahahahaha. Why did no one invite us?! Can we come the next time someone does this? Like isn't Uber maybe about to visit?
A NYSE executive told The Post that the exchange has ended the practice of telling regulators to go down to the floor for specific events. At the same time, NYSE executives tried to play down the Snap sideshow, insisting that employees are routinely encouraged to come to the floor to see business moguls and celebrities, for example.
Yes of course [wink], we totally understand [subtle thumbs up], you're done making billionaire tech bros think that they're going to succeed as a public company on NYSE.
We miss Farley.