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 In just one day, the fortunes of the billionaire founders of Snap, Meta Network, Pinterest and Twitter together fell by 10 billion, Forbes 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. The social media company said it expects to bring in lower revenue and profits than initially expected. As a result, Evan Spiegel, co-founder and CEO of Snapchat, is $ 1.7 billion poorer than on Monday, falling 35% as the market closes on Tuesday. 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 become faster and worse than expected,” Snap said Says In a filing Monday with the Securities and Exchange Commission.
Snap did not immediately respond to a request for comment Forbes.
Snap shares have been declining since last fall, a trend that continued after Apple users opted out of targeted ads last year. The move has hit Snapchat in particular; The stock closed at .7 12.79 on Tuesday, dropping 85% from its top of $ 83 at the end of September.
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.
After Snap, Pinterest is the second highest hit in terms of percentage Shares of the photo-sharing website fell nearly 24% on Tuesday. Co-founders Ben Silberman and Paul Sierra each lost% 1.1 billion after losing 20% of their total assets in less than a day.
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.