Social media stocks drop $135 billion following Snap profit warning

Social Media Stocks drop

The platform’s shares tanked by 43 percent following the announcement it made. Snap Inc. recently issued a profit warning, causing social media stocks to lose over $135 billion in market value. The sector is already struggling with halted user growth and worries over rate hikes. Following the announcement, Snap’s own shares fell by the largest intraday decline it ever experienced. In fact, the 43 percent dive the Snap share took brought it below its $17 initial public offering price from 2017. That selloff eliminated nearly $16 billion of the company’s…

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