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AP National Business

Social media stocks slip amid Musk, Snap news

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Published 6:32 AM

By MICHELLE CHAPMAN
AP Business Writer

Shares of social media companies have tumbled 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. Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee base of 7,500 workers, leaving the company with a skeleton crew. That’s according to a Thursday report by The Washington Post.

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