Snap, which owns the Snapchat instant messenger, has been showing not the best results on the stock exchange recently: the value of the shares of the service falls day by day. Since entering the stock exchange in May, the price has fallen by half, according to Bloomberg.

This morning the company's share price was $ 13.1. Peak value - more than $ 26 on the first day of trading. When entering IPO, the initial value of one share was $ 17. Since that moment, the capitalization of the company has also fallen - now it is $ 16 billion, although six months ago it exceeded $ 25 billion.

According to the publication, another sharp drop occurred due to the fact that the first investors were able to sell their shares and withdraw money (in the first time after the IPO, investors do not have the right to immediately sell their shares, they can do it only after a certain period of time). Now, due to the release of a huge number of Snap shares on the market, they began to "crush" the market and caused a sharp drop.

The main complaint of investors is the weak growth of the user database of the Snapchat instant messaging client - the main product of the company. Every quarter attracted only a few million new users, whereas Instagram, for example, added four hundred million new users in four months.