Snap shares plunged Wednesday as the Snapchat parent firm struggles to distinguish itself from other digital media companies, with the stock now down 88% from its 2021 high – and one bank warning Snap could soon test a four-year low.
$114.7 billion. That’s how much market capitalization Snap has shed since its valuation peaked at $131 billion in September 2021. Simultaneously stumbling is the net worth of Snap’s billionaire cofounder and CEO Evan Spiegel, shedding $199 million Wednesday to $2.7 billion, far less than Spiegel’s $11 billion fortune in 2021.
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