$180 billion wiped out as social media stocks sink on Snap warning

SNAP lost $180bn in market value on Tuesday after Snap Inc.'s profit warning, adding to woes for a sector that is already reeling from stalling user growth and rate-hike fears. 

Snap tumbled as much as 41 per cent, their biggest intraday decline ever to trade below its 2017 initial public offering price of $17. The selloff erased about $15 billion in market value 

Added to the value of declines for peers including FB-owner Meta Platforms Inc. Google-owner Alphabet Inc., Twitter Inc. and Pinterest Inc., the group has seen $181.1 billion wiped 

news spurred widespread selling across the advertising and ad-tech space. Among notable decliners, Trade Desk Inc. sank 20 per cernt, fuboTV Inc. lost 8%

Snapchat app, which sends disappearing messages and adds special effects to videos, reported quarterly user growth in April that topped estimates 

Snap, FacebookGoogle are competing for ad dollars at a challenging time. Spiraling inflation is putting pressure on companies and consumer spending, 

Nasdaq 100 Index declined more than 3.4 per cent on Tuesday, set to reverse Monday's advance for the gauge 

tech-heavy index is down 29 per cent this year, wiping out several hundred billions in value from the likes of Apple to other so-called growth peers like Netflix 

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