Snap lowers valuation expectations in highly awaited IPO

Snap Inc , owner of the popular messaging app Snapchat, set a lower-than-expected valuation range on Thursday, amid mounting investor concerns over its unproven business model, slowing growth and tight founder control. The company, which filed for an initial public offering earlier this month, was widely expected to be valued at between $20 billion and $25 billion. The lower valuation range reflected initial investor feedback, as well as Snap's aim to ensure there is sufficient demand for shares