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Snap shares fall below IPO price

Snap shares on Monday broke below the social media company's $17 IPO price for the first time, after several weeks of hovering around the mark, closing at $16.99 each. That price puts Snap's market cap at around $20 billion.

Why it matters: Breaking IPO price means that everyone who bought into the offering is now underwater (at least on paper). And it's been an even steeper fall for retail investors who purchased at the initial $24 per share open price.

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