![]() 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. That’s how much market capitalization Snap has shed since its valuation peaked at $131 billion in September 2021. Both TikTok and Snapchat distribute short-form content targeted toward smartphones, with TikTok’s recent emergence eating into Snapchat’s market share. Contraīank of America outlined one potential upside for Snap’s stock: Should legislation for a nationwide ban on its top competitor TikTok move forward. The latest earnings report was “broadly negative,” according to Goldman, downgrading its price target for Snap from $10 to $8, testing its four-year low of $7.76. ![]() ![]() Snap is a “show me story” as it looks to distinguish itself from its deeper-pocketed competitors, Goldman Sachs analysts led by Eric Sheridan wrote in a Wednesday note to clients. ![]()
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