Once again, one of the has-beens of the social media world is getting clobbered, with SNAP collapsing by about 35%. It is worth about ONE-EIGHTH its peak price a few years back.
Below is the entire history of this garbage stock. SNAP was famous for one app, basically a “dick pics” app whose messages would disappear within moments. For some reason, the world thought this was worth hundreds of billions of dollars. At this point, the price is HALF what its IPO price was years and years ago.
Of course, founder Evan Spiegel made good use of people’s stupidity by dumping billions of dollars worth of stock onto naive, unsuspecting rubes. The chart below shows the SNAP price ascent (gold line) and Spiegel’s dumping of the stock (blue lines). As you can see, the sheer volume of the dumping got enormous as SNAP blasted to obscene levels.
The end result? Everyday people have become absolutely raped with ungodly losses, whereas Evan is a multi-billionaire with a trophy supermodel wife. Congrats, America!
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