Snap Slumps 12%, Closes at Lowest Since IPO

StocksReuters

Shares of Snap Inc slumped 12 percent on Monday and closed at their lowest level of the three sessions since the Snapchat owner's soaring market debut last week.

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The $3.4-billion listing last Thursday was the hottest technology offering in three years, but the loss-making company's lofty valuation and slowing user growth have raised eyebrows on Wall Street.

In its market debut last Thursday, Snap surged 44 percent from its $17 IPO price to close at $24.48.

After jumping another 11 percent on Friday, the stock on Monday reversed course and fell 12.25 percent to close at $23.77.