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Snap’s Record Rout Leads $150 Billion Social Media Stock Selloff
Posted
October 22, 2021
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October 22, 2021
1,531
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2:46Now PlayingSnap Inc. posted its biggest one-day drop on record after the Snapchat parent company warned that Apple Inc.’s data collection rules and global supply-chain bottlenecks are weighing on advertising spending.
The stock dropped as much as 25%, wiping out about $30 billion of a market value that now sits around $91 billion. The cautious outlook cast a shadow over ad-dependent peers, including Google-owner Alphabet Inc., Facebook Inc., Twitter Inc. and Pinterest Inc., which fell between 3% and 5% each.
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