Snap shares almost doubled on their first day of trading back in March, hitting $29 after IPO’ing at $17, but has been heading down ever since over worries about overvaluation and increased competition from Instagram. The shares fell below their IPO price last week, only 130 days after the IPO. Our chart today shows how long it took for a number of Tech shares to fall below their IPO price, and the good news for Snap is that there is not much correlation with subsequent performance. Facebook had a famously rocky start to trading, falling below its listing price after three days, but has quadrupled since. Twitter took nearly two years to fall below its IPO price but is now 30% underwater. The real question for Snap is whether its functionality can survive the competition to become a mainstay, like Facebook and Square, or find its functionality overtaken by the competition, like Groupon, Fitbit and GoPro.