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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
