Oh Snap.

The Snapchat parent had a difficult day on the stock market, closing at $16.99. It’s officially fallen below its $17 IPO price for the first time.

This is significant because it means that overall, public investors have lost money on the company since its March IPO. A money-losing reputation can be hard to recover from.

But for employees and pre-IPO investors, not all hope is lost. The company’s market cap is still about $23.8 billion, fully diluted. This is above Snap’s private market valuation, which was around $20 billion, fully diluted. (Fully diluted refers to all shares outstanding, including stock options.)

Snap had a 150-day lock-up period, which means employees and other insiders will be able to start selling shares on July 31. Some investors are concerned that too many people will try to sell their stock at once and that it will bring the share price down further.

The company reported its first earnings in May and disappointed investors. Its next quarterly results are set to be unveiled in August and could make a significant impact on the stock price.

Snap isn’t the only new public company that has had a volatile ride in recent weeks. Blue Apron debuted late last month and also is trading beneath its IPO price.

July is expected to be a slow month for tech IPOs.