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Snap shares bounce off low; employees free to sell shares

Employees for the first time were allowed to sell their stock following the Snapchat parent's blockbuster initial public offering, potentially increasing the supply of shares in the market and boosting their volatility.

Monday's stock rise followed a disappointing quarterly report from Snap last week that sent its shares down 14 percent on Friday to a closing low of $11.83, far below its IPO price of $17.

To try to reassure investors, Snap Chief Executive Officer Evan Spiegel and co-founder Robert Murphy on Thursday committed to not sell any of their combined 422 million shares in 2017.

Close to 800 million shares became eligible for trading on Monday, including Spiegel and Murphy's stakes, according to JPMorgan analyst Doug Anmuth.

(Reporting by Noel Randewich, Lewis Krauskopf, Rodrigo Campos, Trevor Hunnicutt and Saqib Iqbal Ahmed; Editing by Meredith Mazzilli)

READ MORE (Yahoo Finance)

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Snap shares bounce off low; employees free to sell shares


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