Snapchat is an instant photo-sharing app created by two Stanford University students. With the app, users can take photos, record videos, add text and drawings and send them to their friends list on the app. The photos and videos are called "Snaps, "and the app's users call themselves" Snubs." Snapchat's main feature is that all photos have a life span of one to 10 seconds. After you take a photo and send it to a friend, the photo will automatically destroy itself at a preset time. Also, if the recipient tries to take a screenshot during this time, the user will be notified. Snap, the parent company of Snapchat, has selected the lead underwriter for its initial public offering (IPO), which could launch as early as March 2017. Morgan Stanley and Goldman Sachs will lead Snap's IPO. On February 2, 2017, Snap, the maker of the disappearing app Snapchat, filed a prospectus with the SECURITIES and Exchange Commission (SEC) to raise up to $3 billion in an initial public offering. Snap sold Class A common stock without voting rights, but did not announce the price range or the offering price. Evan Spiegel, Snap's co-founder and CEO, will voluntarily cut his annual salary to $1 after the company's INITIAL public offering on Feb. 3, following the example of Facebook CEO Mark Zuckerberg and others. Snap was listed on the New York Stock Exchange on March 3, 2017. On June 6, 2017, the BrandZ Top 100 Most Valuable Global Brands 2017 was released, and Snapchat was ranked 93rd. On November 7, Beijing time, Tencent announced a 10% stake in Snap Inc.