Snap tum­bles af­ter eu­phoric de­but

New Straits Times - - Business World -

Snap Inc’s shares fell as much as 10.4 per cent yes­ter­day, open­ing at their low­est since a block­buster mar­ket de­but last week. Snap’s shares hit a low of US$21.30 (RM94.72) in early trad­ing yes­ter­day, wip­ing out more than US$9 bil­lion of the com­pany's mar­ket cap­i­tal­i­sa­tion from Fri­day’s high. Shares surged 44 per cent in a hotly an­tic­i­pated list­ing on Thurs­day, valu­ing the par­ent of Snapchat, an app pop­u­lar with young peo­ple for its dis­ap­pear­ing mes­sages, at US$28.3 bil­lion.

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