Snap Inc. shares fell Thursday after the singer Rihanna spoke out against a controversial Snapchat ad and appeared to encourage people to delete the app.
Snap SNAP, -3.95% shares fell 4.7% to $17.02 Thursday, hitting an intraday low of $16.91, after Rihanna called the company out in an Instagram post that was widely shared and cross-posted to other social networks, including Twitter TWTR, -2.43%Snap shares are down nearly 14% for the month but are still up 17% for the year. In comparison, Facebook FB, -0.34% is up 2.3% this month, and 3.5% year-to-date, while Twitter is up 12% on the month, and 49% on the year. The Dow Jones Industrial Average DJIA, +0.57% has gained 0.5% in the year, and the S&P 500 SPX, -0.01% is up 2.7%.
Earlier in the week, Snap apologized for running the mobile video-game ad for “Would You Rather,” which welcomed users to either “Slap Rihanna” or “Punch Chris Brown,” an obvious reference to a 2009 incident when the two were dating that resulted in Brown being charged with felony assault.
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