The owner of popular disappearing photo app, Snapchat, saw its share price drop to $23.77 per share from the $24 it achieved on the first day of trading.
The initial public offering, priced at $17 a share, had started off on a solid footing but it seems Snap could prove Wall Street bears right.
Some analysts had predicted Snap would follow a similar story to Twitter’s IPO in November 2013. Twitter’s value has fallen to $15.56 per share from the IPO price of $26 per share after finishing its first day of trading at $44.94 per share.
Shares were down 3.03% ahead of the opening bell today.
Story by ProactiveInvestors