$200 billion wiped off social media firms' market value after Snap's profit warning

Social media companies lost about $200 billion in market value on Tuesday after Snap's shares crashed over 40%. The sector-wide selloff was triggered after Snapchat's parent company said it is expecting to miss quarterly revenue and profit targets and will have to slow hiring. Shares of Meta Platforms, Pinterest, Twitter and Google-parent Alphabet were all down between 7% and 24%.