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Snap hits record low after getting rejected from the S&P 500

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Photo via TeroVesalainen on Pixabay under the Creative Commons License

Tech Crunch reports: “Snap shares fell 4% and closed at a record low on Tuesday at $13.10, but it wasn’t just because of the dreaded lockup expiration, which allowed some insiders to finally sell shares. Snap faced another devastating blow when it was revealed that the company won’t make it into the S&P 500, a popular stock market index. It’s also ineligible for the FTSE Russell, a major British index because Snap’s public investors don’t have voting rights.”

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