$17.00 was the IPO price but only for investors with access. Your average investor with an eTrade account saw a price of $24.00+ when the market opened that morning, and it hit almost $27.00 that day. So those folks have seen a 30%+ drop since IPO.
Given that Snap paid out billions in IPO bonuses to executives and other employees, it's turned out to be a pretty big wealth transfer from retail investors to Snap employees.
Given that Snap paid out billions in IPO bonuses to executives and other employees, it's turned out to be a pretty big wealth transfer from retail investors to Snap employees.