Shares of SNAP ($22) fell sharply Tuesday after slashing forward looking earnings outlook, citing deteriorating microeconomic climate. Selling spilled over to related stocks, like FB, ROKY and TTD which also depend on online advertising revenue.
These concerns could also hurt TWTR ($36) the object of Elon Musk’s leveraged takeover bid at $54.20/share. With the stock trading almost 30% below the takeover price, it would seem market pros see problems with the deal.
Also, One has to wonder if Musk might face a Margin Call if TSLA’s weekly closing price falls under $600/share?