Owing to the criticism which Snapchat owner had to face due to “India too Poor” comment recently, the shares of snap have fallen by 1.5 percent on Monday. With this incident happening, Snap is at its lowest level in nearly a month. This is indeed a bad sign since the technology company was in news for the $3.4 billion public listing in three years.
Interestingly, the incident owing to which Snap is being hounded occurred in 2015 when Snap Chief Executive Evan Spiegel had said that he was not interested in prioritizing growth in Spain and India since these were poor countries. This remark made by Evan came to light last week when a legal document citing this statement came in public domain.
This site is popular among users below the age group of 30 who use it to apply bunny faces and vomit rainbows on the selfies. However, analysts are worried about the slow user growth of Snapchat. Interestingly, Snapchat has itself also warned that it might never be a profitable entity.
Shares at Snapchat have fallen by over 26 percent from its highest closing price. This happened after the public listing was announced. Only time will tell now as to what fate does Snapchat meet in the imminent future.
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