But the social media company known for the ‘ghost’ logo that represents its vanishing video and messages is facing fierce competition.īyteDance’s TikTok has surpassed Snap as the favourite social media platform among US teens, according to Piper Sandler’s fall 2022 survey Taking Stock with Teens. SNAP’s founder and CEO, Evan Spiegel, blamed deteriorating macroeconomic headwinds for the company’s gloomy outlook. The fall has shrunk the company’s market capitalisation to $16.53bn as of 1 November, down from $131.48bn in September last year, when the stock closed at an all-time high, according to data from. The second sell-off on 23 July saw the company’s share dived 39% following disappointing second-quarter results.Īs of 1 November 2022, the SNAP stock price closed at $9.93 or about 41.6% below its initial public offering (IPO) price of $17. On, the share crashed 43% to $12.79 a share, after the company revised its revenue and EBITDA targets for 2022 downwards. The stock price of Snap ( SNAP), the US-based operator of instant messaging application Snapchat, has been spiralling down after two big sell-offs within two months.
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