Snap Inc. (NYSE:$SNAP) hasn’t been faring well on the market lately. Since its initial public offering (IPO) in March 2017, Snap’s shares have dropped by a devastating 39%. Not only has this affected the company, it has affected the people who run it. The combined net worth of Snap Inc founders Evan Spiegel and Robert Murphy — and in Spiegel’s case, the current CEO of Snap — has fallen by $4.3 billion, according to Bloomberg.

Spiegel and Murphy may be one of the first billionaires to lose their wealth. If Snap continues to fall downwards and Wall Street analysts continue to aggressively cut down their ratings, more investors in Snap could lose a lot of money before the year ends.

Just recently, John Blackledge, an analyst at Cowen (NASDAQ:$COWN) dropped his rating of Snap from “outperform” to “market perform”. Blackledge cited concern over the competition Snap faces in digital advertising to be the reason of his downgrade. He noted that Snap’s ad revenue will struggle as the social media company faces tough competition from Facebook (NASDAQ:$FB) and Facebook’s Instagram. Efforts in monetization is taking longer than expected, Blackledge added.

Before Blackledge dropped his rating, Snap’s underwriter Morgan Stanley (NYSE:$MS) had also downgraded its rating of Snap from “overweight” to “equal weight”. Morgan Stanley also adjusted its price target to $16.

Snap’s shares continue to fall on July 20 in after hours trading.

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