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>> Snap, the new kid on the block, getting trampled as the run out of text stocks gather speed. Shares of the social media company falling Thursday to their lowest price since going public back in March. The selling threatening enough to push the stock back down to within cents of its $17 IPO price.
>> I'm Conway Gittens in New York, investors are losing confidence in Snap's ability to take on and win against Facebook. The social networking king has set its sights on Snap's disappearing messages and those funny filters used for videos and selfies. Now the stock has basically been losing steam since the beginning, it is now down 41% from its post IPO high.
With Facebook breathing down its neck, Snapchat's user growth is slowing, revenue prospects are in jeopardy, and Snap may have trouble ever turning a profit. That's enough to trigger memories of what happened during the tech boom that went bust at the start of the millennium. Pressure on the stock not likely to let up, as some IPO insiders finally get to sell their shares, starting in July.