Snap’s Record Rout Leads $142 Billion Social-Media Selloff
- Stock slumps 27% after cautious comments on ad spending
- Peers Facebook, Twitter slide ahead of next week’s results
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Snap 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 tumbled 27%, wiping out about $32 billion of a market value that now sits around $89 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.