Snap Shares Fall Below $20 For The First Time

Shares of Snap Inc. fell below $20 Thursday for the first time since the stock went public, reaching a new intraday low. Snap started trading at $24, above its issue price of $17, on the New York Stock Exchange on March 2. Since then, the stock has had a bumpy ride, with shares down 10% week-to-date, while the S&P 500 has gained 0.4%. Shares dropped to the stock's lowest close of $20.77 Wednesday. The offering was the largest U.S.-listed IPO since Alibaba in 2014. Snap raised a total of $3.91 billion, including an extra allotment sold by underwriters.