Their shares plummeted more than 40% as a result. Snap’s recent profit warning also contributed to the selloff in social media stocks. In the past year, Snap’s stock price has ranged from a high of $83.34 to a low of $7.33. Their social networking app, Snapchat, is top-rated in developed regions like North America and Europe. ![]() Snap is a social media company that relies heavily on advertising for revenue, most of which comes from the US. Snap’s stock price had benefited from this regulatory pressure since it is a competitor to TikTok. The US Congress was considering a ban on TikTok, which was perceived as a security threat to the US. Additionally, Snap’s recent gains due to US regulatory pressure on TikTok were being retracted. On April 5, 2023, Snap‘s shares were experiencing a downturn amid a weak overall market and concerns regarding the Omicron variant.
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