On March 2nd 2017, photo sharing app Snapchat launched its IPO at the New York Stock Exchange. Under the ticker SNAP, the company closed shares on their opening day trading up 44% at $24.48 a share, taking the tech IPO market by storm.

More than 200 million shares changed hands throughout the day, accounting for 10% of all trading on that day in New York. With their public offering starting at $17 a share, rising as high as $26.05 and falling only to $23.50, SNAP looked like it was going to be a trading force to be reckoned with.

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However, its huge numbers on the SNAP first day appeared to be a one off. The three groups involved in the Snap IPO, the inside institutional buyers, the share buyers who were fascinated by its arrival and Snap INC have all been subject to a massive loss.

The institutional buyers bought shares at $17, watched their stocks go up and up, and then looked on as they plummeted down by a third. Not all corporations were subject to great losses as smarter asset managers quickly sold their shares when they saw Snap starting to struggle at the top. The smaller asset funds and private share owners suffered a real loss as they put thousands of personal finances into the IPO without any fiscal insurance or professional advice.

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Apparently, top investment bank managers at Goldman Sachs and Morgan Stanley advised Snap INC to tell big asset managers to sell its shares in the mid-teens which resulted in the investment banks receiving orders for 10 times as many shares as Snap had to sell. If Snap had sold shared at around $24, it would have balanced out sheets adding $1.2 billion in value.

Snap now faces business issues and a wave of negative publicity as it is obvious their stock is dramatically falling with the excitement of going public with their IPO on the New York Stock Exchange completely gone. Shares at Snap are now being bought by asset managers in bulk for a dramatically lower price.