Snap Inc. is trading 4% down at $5.37 after the company announced significant changes to its platform for younger users, coinciding with proposals in the UK for a wider social media ban for under-16s.
- Company Policy Change: Snap will no longer allow users aged 13-15 to share content publicly to 'Spotlight'. Their posts will now only be visible to mutual friends.
- Regulatory Pressure: The move comes as the UK Prime Minister is expected to announce a ban on social media for under-16s, a topic that has been heavily discussed in early June.
- Market Context: The decline is also occurring within a broader risk-off tone for the technology sector.