Share prices of social media companies rose during the epidemic as people spent more time online. Now those stocks are returning to the world – including the fortunes of their billionaire founders The founders of Snap, Meta Network and Pinterest lost $ 10 billion in just one day. SME Guess.
Shares of Snapchat, the parent company of Snapchat, fell a staggering 43% from Monday’s end to Tuesday after Snapchat’s downward revision to its early second-quarter guidelines at the end of Monday. According to the social media giant, it expected lower revenue and profits than initially expected. Evan Spiegel (co-founder) of Snapchat is now $ 1.7 billion less than on Monday. It dropped 35% as the market closed on Wednesday. Its now estimated value is $ 3.1 billion. Snap co-founder Bobby Murphy’s fortune fell $ 1.9 billion on Tuesday to an estimated $ 2.9 billion.
“The macroeconomic environment has deteriorated more and faster than expected,” Snap said in a filing with the Securities and Exchange Commission on Monday.
Snap did not immediately respond to a request for comment SME.
Snap shares have declined since last fall. This trend continues even after Apple allowed users to block targeted ads. Snapchat shares fell 85% from a high of $ 83 at the end of September, when they were at their highest point at $ 12.79.
Spiegel is not the only social media billionaire to experience major changes in the global economy, including inflation, the war in Ukraine, high interest rates, declining user interest and marketers spending less on advertising. Pinterest, the meta platform (formerly known as Facebook) and Twitter stocks fell on Tuesday as investors worried that Snap’s growing outlook painted a grim picture for other social media companies.
Pinterest, second only to Snap in terms of percentage. Shares of the photo-sharing site fell nearly 24% on Tuesday. After losing 20% in less than 24 hours, Paul Sayara and Ben Silberman, co-founders of the photo-sharing website, are valued at $ 1.1 billion.
The meta platform, which manages Facebook Instagram and WhatsApp, fell 7.6% from Monday, removing মার্ক 5.2 billion from the fortune of founder Mark Zuckerberg. Twitter shares fell 5% to প্রতিষ্ঠ 405 million in net worth from founder Jack Dorsey.
Shares of Google Parent Alphabet, not a social media company but a major technology belweather, fell 5% on Tuesday, pulling the fortunes of Google founders Sergey Brin and Larry Page to 9 9 billion.