Snapchat Shares Drop 14% after CFO Resigns

By: Taarek Refaat

WASHINGTON, Jan. 16 (SEE)- Snapchat shares fell about 14 percent on Wednesday after the resignation of the company's chief financial officer (CFO).

Shares fell 13.8 percent to record $ 5.64 per stake.

The multimedia app said yesterday in a statement that the resignation of Tim Stone was not due to any disagreement over financial practices, accounting or regulatory concerns.

A report in the Financial Times said a personal dispute with Chief Executive officer (CEO) Evan Spiegel was behind the resignation.

Stone joined Snapchat last May following Andrew Vollero, after serving two decades at Amazon.

The company's shares witnessed a 50 percent decline in the past six months, with its market value plunging to $ 7.5 billion.