Twitter and Snapchat reports send shares sliding for social media giants  

Snap's shares were down 36% and were the most heavily traded across US exchanges, as the company said it was looking for new sources of revenue to grow.

At current prices Pinterest, Meta, Twitter, Alphabet and Snap were collectively set to lose about $42bn (€41.1bn) in market value.

Shares of social media firms fell sharply after Twitter and Snapchat's owner Snap signalled that advertisers had tightened their purse strings in response to a darkening economic outlook.

Pinterest plunged over 11%, Facebook-owner Meta Platforms 5.5%, and Google-owner Alphabet, which also sells ads online, fell 3.3%. At current prices Pinterest, Meta, Twitter, Alphabet and Snap were collectively set to lose about $42bn (€41.1bn) in market value.