Why did Morgan Stanley miscalculate on Snap?

Morgan Stanley, the investment bank that led Snap’s $3.4bn public offering has downgraded the stock less than five months after listing it on the New York Stock Exchange. Daniel Thomas asks the FT's Hannah Kuchler what's behind the downgrade and what it means for the tech IPO market. Music by David Sappa

iTunes Stitcher audioBoom SoundCloud Overcast RSS


Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.