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Snap Shares Tumble After Insiders Get First Opportunity to Sell

Snap Inc. shares fell Monday after some inside holders got their first opportunity to sell since the March initial public offering.

The shares tumbled as much as 5.1 percent to $13.10 in New York, 23 percent below the company’s $17 IPO price.

Inside holders, such as executives and investors from the company’s days as a private startup, are barred from selling their shares for a certain period after the IPO. JPMorgan Chase & Co. had estimated...