2. "In 2017, Snapchat (SNAP) had its giant IPO. Wall Street investment banks made about $85 million in fees from Snapchat's (SNAP) IPO, with Morgan Stanley and Goldman Sachs taking the largest share." Requirements: 1. Was this sale of stock primary or secondary market activity? Why? Capital or money market activity? Why? Explain. 2. Is this an example of a public or private offering? Explain. 3. The word Snapchat above was followed by "SNAP," why? what is that? How is it called, and what it used for? 4. If the investment bank decided to underwrite the risk of Snapchat's IPO, did that increase or decrease Snapchat's IPO risk? How? Explain. DE