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Get those tin hats out: the sell-off in Snap is gathering pace.

Shares in the company behind the disappearing message app Snapchat are down nearly 12 per cent to $21.01 by midday trading in New York on Tuesday.

The stock had started the day some 7 per cent lower but has seen the selling intensified as the euphoria that had greeted its market debut last week appears to be fading.

The drop comes after Snap closed 12 per cent lower on Monday and takes the stock closer to the $17 that its IPO was priced at.

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