Other prominent Snap investors such as Jana Partners and Third Point have also pulled out of the company

Singapore state investment firm Temasek Holdings has sold off all its 300,000 shares, valued at US$6.76 million, in Snapchat’s parent company Snap, according to a report by the Financial Times.

According to the Securities and Exchange Commission, Temasek sold off its shares in the second quarter of this year. Temasek was revealed to be one of Snap’s high profile investor, in the same period.

Other prominent Snap investors, including Jana Partners and Third Point, have also dumped their shares. Snap’s employees are also now eligible to dissolve their shares.

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Snap first started trading at US$17 per share during its IPO on the New York Stock Exchange (NYSE) in March this year. However, faced with sluggish user and revenue growth — including lower-than-projected sales from its Spectacles camera sunglasses — and increased competition from Facebook’s Stories and Instagram Story features, Snap’s shares have plummeted by more than 44 per cent to US$11.28 per share.

The release of shares by investors have, however, allowed Snap’s stock prices to recover by about 6.5 per cent, which is US$12.60 per share.

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Image Credit: Snap

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