Snap taps its IPO price as it continues to crash


Update: It happened! Snap fell down to its IPO price (for a few seconds) of $17 per share after its continued steady march south over the past several weeks. The company is now barely holding just above its IPO price.

Snap’s last earnings report resulted in a disaster, and while the company still managed to stay above $20 for an extended period of time, a string of bad days for the market — and likely increased skepticism for the company’s future among the rest of the bundle of growth stocks — is putting increased pressure on its price. There have been a slew of smaller IPOs since Snap as more and more companies try to get out the gate, but especially for non-traditional ad-driven companies (looking at Pinterest, for example), it may affect the future of the so-called IPO…

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