Snap tumbles 12% on day three, erases gains | TechCrunch

Ephemeral stock market success

"Snapchat parent Snap Inc. debuted on the stock market Thursday and immediately saw substantial gains on its first two days. But the excitement has already worn off, with shares tumbling over 12% on day three.

After finishing Friday at $27.09 per share, Snap closed at $23.77 on Monday, beneath the $24 where it opened on its first day of trading. This is still above the $17 IPO price, but only select institutional investors and high-net worth individuals were able to buy it that low."

Snap tumbles 12% on day three, erases gains | TechCrunch