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Snap’s Vanishing Value: Snapchat Parent Has Shed $15 Billion in Market Cap

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Variety reports: “Snap, the’“camera company’ whose business consists almost entirely of ads sold in the Snapchat app, has gone from Wall Street wunderkind to an IPO disaster.On Wednesday, Snap shares were down 1.4% in morning trading, to $15.26 per share at 11:05 a.m. ET. That’s 10% below the company’s $17 initial public offering price. Snap’s market now stands at about $16.4 billion, down by almost half — around $15 billion — from its peak of $31.4 billion the day after its IPO in March.”

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