Many early Snap shareholders were freed to sell stock starting Monday, but judging by the fact that the stock barely moved, few did. As the shares have fallen 20% since the IPO, many may be waiting for an upturn.
That particularly applies to employees, who are still blocked from selling due to rules around next week’s earnings result. Only a small group of about 100 current and former Snap employees have profited, at least on paper, from their stock grants, according to an analysis of public filings and internal documents obtained by The Information. The rest, including all employees who joined after 2015, have seen the value of their pre-IPO stock awards drop in value. (See above chart.) For those people, waiting for the stock to rally might make sense. Snap last reported 1,859 employees as of Dec. 31.