Snap Stock Tanks 20%; Driven By Meta Crash

Snap Inc. (SNAP) lost nearly one-fifth of its market value on Thursday morning, as shares of social-media companies dropped sharply on disappointing forecast from Facebook-parent Meta Platforms Inc. (FB).

SNAP closed Thursday's trading at $25.49, down $6.58 or 20.51%, on the Nasdaq. The company's share price reached lowest level since September 2020.

Meta's stock tanked as much as 27%, its biggest intraday drop in history. The drop erased nearly $240 billion off the company's market capitalization.

Several other social media companies also slipped, including Pinterest, which dropped as much as 12%, while Twitter Inc. fell as much as 7.3%.

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