All of Snapchat’s stock gains since going public have officially disappeared.
Snap (SNAP), the parent company of Snapchat, closed below its $17 IPO price on Monday for the first time since its shares went public in early March.
The stock had previously flirted with that psychologically-important level last month, closing at exactly $17 on June 15. It fell to as low as $16.95 on Monday.
Snap faces concerns about its disappointing user growth, mounting losses and the upcoming end of a stock lock-up period, which will open the door for insiders to sell their shares.
