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Social media stocks sink to erase about $165 billion on Snap warning

Facebook parent Meta Platforms plunges 10%, erasing $53 billion in market value; Snap tumbles 40% in intraday trading

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Facebook parent Meta Platforms plunged over 10 per cent during intraday trade, at 9:30 pm (IST). Snap was trading at $13.60 as of 9:50 am in New York, below its 2017 initial public offering price of $17

Bloomberg
Social media stocks lost about $165 billion in market value Tuesday after Snap Inc.’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears.

Shares in digital ad-dependent Snap tumbled as much as 40 per cent, their biggest intraday decline ever, erasing about $15 billion in market value. Added to the value of declines for peers including Facebook-owner Meta Platforms, Google-owner Alphabet, Twitter and Pinterest, the group has seen $165.6 billion billion wiped out. 

Facebook parent Meta Platforms plunged over 10 per cent during intraday trade, at 9:30 pm (IST). Snap was trading

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First Published: May 25 2022 | 1:37 AM IST

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