Social media stocks slump as Twitter, Snap warn of dire ad spending

Shares of social media firms fell sharply on Friday as Twitter Inc joined the Snapchat owner in signaling a cutback in digital ad spend as economic growth sputters.

Pinterest Inc plunged 7.5%, Facebook-owner Meta Platforms Inc dropped 4.6%, Google-owner Alphabet Inc, which also sells ads online, fell 2.1%.

At current prices Pinterest, Meta, Alphabet and Snap were collectively set to lose about $36 billion in market value.