Snap shares fall below IPO price for first time as investor confidence wanes

Snap shares fall below IPO price for first time as investor confidence wanes

FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo

Snap Inc shares slipped below their initial public offering price of $17 for the first time on Monday, signaling waning investor confidence in the social media company’s growth potential as it faces fierce competition.

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