Snap hype cools off as bubble bursts for now

The Snap IPO caught a few people off guard as prices surged to $24 after the first day of trading, but as the price declines, late-comers to the party are looking a little bit screwed.
Despite numerous industry commentators noting the limitations of Snap as a business, the industry reacting with enthusiasm in the first few days Snap operated as a publicly traded company. Snap was chasing $17 per share, which would have valued the company in the region of $25 billion, however a 40% boost to $24 b