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Snap's First-Time Millionaires May Not Drive Up Home Values if Stock Lags

Early investors and shareholders of Snap Inc. (SNAP) received their first opportunity to sell their shares on Monday, which could create a whole slew of high net worth individuals in the Los Angeles area who could invest their new wealth by purchasing homes.

The first lock-up period expired on Monday, which means some shareholders, many of whom were among the first investors in the company, could divest the estimated 400 million shares. Headquartered in Los Angeles, Snap's shares dipped on Monday, but recovered. The...


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