Snap hits record low after getting rejected from the S&P 500

Snap shares fell 4% and closed at a record low on Tuesday at $13.10, but it wasn’t just because of the dreaded lockup expiration, which allowed some insiders to finally sell shares. Snap faced another devastating blow when it was revealed that the company won’t make it into the S&P 500, a popular stock market index. The way Snap has divided up its classes of stock have made…