Social Media Stocks Set To Lose $42 Billion In Market Value On Dire Ad Spending
NDTV
Shares of social media firms fell sharply after Twitter and Snapchat signaled advertisers had tightened their purse strings.
Shares of social media firms fell sharply on Friday after Twitter Inc and Snapchat's owner signaled advertisers had tightened their purse strings in response to a darkening economic outlook.
Pinterest Inc plunged 11.3 per cent, Facebook-owner Meta Platforms Inc dropped 5.6 per cent, Google-owner Alphabet Inc, which also sells ads online, fell 3.3 per cent.
At current prices Pinterest, Meta, Twitter, Alphabet and Snap were collectively set to lose about $42 billion in market value.
Twitter also blamed its ongoing battle to close its $44-billion acquisition by Elon Musk for the surprise fall in quarterly revenue. The micro-blogging site's shares were down 0.1 per cent in choppy trading.
