Yahoo’s early investment in Snap is now worth about $97.6 million

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Ailing internet giant Yahoo was an early believer of Snap, the parent company of disappearing photo app Snapchat.

As of Monday, nearly two months after Snap’s initial public offering, Yahoo’s stake in Snap is worth about $97.6 million on some 4.6 million shares, according to a Monday filing with the Securities and Exchange Commission. That includes some 2.3 million common shares of Snap, and another 2.3 million shares that are convertible into common shares.

According to people familiar with the matter, Yahoo purchased some 2.3 million preferred Snap shares worth $25 million in 2014. Snap’s board of directors then added another 2.3 million in common stock to that stake in 2016, approving the shares as a dividend to shareholders.

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