One of, if not the most headlined IPO this year so far has to be Snap, Inc. (SNAP  ). The launch was widely acknowledged as being successful and shareholders were mostly rewarded. At least on the initial move. After the first few days of excitement though investors were forced to recognize that they had invested in something they could never control. You see the shares that were offered have no voting rights whatsoever. With this in mind, along with many other concerns about the company shares had been hesitant to show any real growth. For the past two and a half months shares have been in a large range between $19 and $24. That is, until Thursday this week.

Snap announced their earnings for the first time and investors panicked. The company announced that t had missed Wall Streets already low expectations. In fact almost every metric came in lower than expected. The company lost $2.2 billion in its first quarter. They also announced that their user growth was "decelerating sharply". Analysts were quick to point out that Facebook's (FB  ) recent copy of Snapchats features was enough of a reason for them to come back to instagram and facebook.

Shares were lower by 21.45% in a relentless day of selling. Volume was the third highest since its IPO showing that the bulls were running for the exits. The 21% down day also pushed shares to a new low not previously seen. The lows on Thursday are important though as the IPO price was $17. Under $17 you know for a fact that every investor is in the red and could very likely see heavy selling pressure on the lockup period expiration August 29th this year.

Anyone considering buying this collapse has to have the belief that the young CEO can turn the ship and create new reasons to bring more users or at the very least bring back investors.