Tech, social media shares sink to erase $160B market value on Snap warning

• Snap warning is latest blow to sinking social media stocks

• Nasdaq 100 index falls 3.2%, extending tech-stock slump

Tech and social media stocks lost more than $160 billion in market value on Tuesday after Snap Inc (NYSE: SNAP) warned that the company wouldn’t meet its own revenue and profit targets in the current quarter.

Shares of digital ad-dependent Snap tumbled more than 41%, the biggest intraday decline ever to trade below its 2017 IPO price of $17, losing around $15 billion in market cap.