Investors in Snapchat now nursing a loss

SHARES in the owner of Snapchat plunged below their float price – leaving investors who had backed its float nursing losses.

Snap, which floated in the US at $17 a share in March, valuing it at £18bn, sunk to $15.47.

The price soared when Snap first listed, climbing to $27. Early backers, including co-founder Evan Spiegel – who is married to model Miranda Kerr ( pictured) – made fortunes. Yesterday investors Morgan Stanley recommended the stock should be downgraded.