Snapchat Founders Evan Spiegel and Bobby Murphy lost more than $1 billion each after the company reported earnings for the first time in May, 2017. After the social media company reported first-quarter revenue with fewer users than projected, shares fell as much as 25 percent to a low of $17.12 before recover slightly.

Snap stock was falling to an all-time low of $17.59. Snap launched its initial public offering at $24 per share and jumped as high as $29.44 in the early days of trading. But Snap share hasn’t closed above $24 since early March.

Before the release of Snap Inc’s first-quarter revenue, Evan Spiegel and Bobby Murphy each had more than $5 billion in net worth. After the bad earning report, Spiegel and Murphy lost more than $1 billion each. However, both Spiegel and Murphy still retain their billionaire status with their fortunes drop to $3.8 billion.

As for millennial investors that rushed in to by the company’s shares when the stock debuted in early March, 2017, they are not doing too well and their enthusiasm in Snap Inc is waning. Investing in any IPO is a risky bet. It makes more sense to design a long-term investment plan based on index mutual funds.