Shares of Snapchat parent company Snap sank on March 6 as euphoria that marked its public debut on Wall Street last week vanished like the service’s ephemeral messages.
Snap shares were down 2.26% to US$23.77 (£19.42) at the close of formal trading on the New York Stock Exchange. The shares rocketed March 2 after making their debut on Wall Street, with investors keen to get their hands on shares. The company’s shares jumped 44% to close at US$24.48 (£20.00) in its inaugural trading day, after raising US$3.4bil (£2.78bil) in the richest US tech company listing since Facebook in 2012.
The Southern California startup known for its disappearing photo messages had priced its offering at US$17 (£13.89) to give it a market value of US$24bil (£19.61bil).