Bloomberg reported on the 22nd (local time) that the market capitalization of U.S. social media companies evaporated by 130 billion dollars in a day as the stock price of Snap, a leading U.S. social media company, plunged 39%.
Stock prices plunged nearly 40% in the regular market the previous day when Snap, which operates famous social media Snapchat, revealed disappointing performance due to the worsening online advertising market. As a result, stock prices in the same industry also plunged.
Snap plunged 39.08 percent from the previous trading day to $9.96 on the New York Stock Exchange on the 22nd (local time). Earlier, Snap plunged more than 26 percent in after-hours trading. As a result, Snap’s stock price plunged 80% this year.
As Snap plunged, Alphabet plunged 5.6 percent and Meta plunged 7.6 percent, respectively.
Bloomberg estimated that the market capitalization of U.S. social media companies evaporated by 130 billion dollars in one day.
NASDAQ also fell 1.9 percent as the stock price of U.S. SNS companies plunged. On the same day, the New York Stock Exchange fell 0.43% for Dow, 0.93% for S&P 500, and 1.87% for Nasdaq, respectively.
Not only social media stock, Due to the snap shock, U.S. electric vehicle stocks also plunged all at once, excluding Tesla.
Tesla rose slightly (0.20 percent) on the New York Stock Exchange on the 22nd (local time), but other U.S. electric vehicle stocks plunged all at once, with Lucid plunging 8.38 percent.
On the New York Stock Exchange, Tesla rose 0.20% from the previous trading day to $816.73.
In comparison, Lucid plunged 8.38% from the previous trading day to $19.68.
Tesla’s rival Rivian plunged 4.83% to $32.48 and Nicola fell 6.80% to $5.89, respectively.
Analysts say this is due to a large number of technology stocks selling, with Nasdaq plunging by 1.9% due to the snap shock.
