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Snap tumbles, drags social media giants on Apple privacy tweak worries

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Reuters

By Aniruddha Ghosh and Nivedita Balu (Reuters) – Shares of Snap Inc plunged on Friday, dragging down other ad-dependent tech firms, after the photo messaging app owner warned of a prolonged hit from Apple Inc’s privacy changes on iOS devices. Snap shares were down nearly 20% at $60.8 before the bell, on track to open at a near three-month low. Shares of Facebook, Google parent Alphabet Inc and Twitter were down between 2% and 4%. Apple’s privacy updates, which were rolled out in June and July, prevent advertisers from tracking iPhone users without their consent. As a result, advertisers ended …

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