Social media stocks slip amid Musk, Snap news

Shares of social media companies are tumbling before the market open on Friday after a slew of news in the sector that concerned investors, including a report that Elon Musk may cut almost 75% of Twitter's workforce and Snap's muted fourth-quarter outlook. 

Wedbush's Dan Ives said in a client note that Twitter Inc. is due for some job cuts, but that the reported figure may not be the best approach. 

“Musk cannot cut his way to growth with Twitter and a number in the 75% zip code would be way too aggressive in our opinion out of the gates," he wrote.