Social media stocks lose more than $160bn after Snap profit warning
Social media stocks lost more than $160bn in market value after a profit warning from Snapchat’s owner Snap caused a sharp decline in the sector.
The share price of the company, which is dependent on digital advertising, plummeted more than 40 per cent after the warning, takings its price to below its 2017 initial public offering price of $17.
Facebook-owner Meta, Google-owner Alphabet, Twitter and Pinterest Inc, were down between 7 per cent and 24 per cent and saw more than $201.8bn wiped off their values on Tuesday before rallying and regaining ground.
