Jim Cramer on Snap's Ad Revenue

Jim Cramer breaks down the value of Snapchat's ad business on the day of the company's IPO.
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Snap Inc. is one of 2017's most anticipated IPO's. But the company has some investors wondering what it is really worth. 

Jim Cramer looks at Snap's (SNAP) - Get Report ad revenue. He compares it to Facebook (FB) - Get Report and Twitter (TWTR) - Get Report .

The company priced shares above the expected range. Based on an official share count of 1.16 billion, the IPO pricing gives Snap a $19.7 billion valuation. But after factoring accounting for the many stock options and restricted stock units (RSUs) set to vest, Snap is assigned a $23.6 billion valuation.