Social-media names rise alongside Snap's restructuring
Victollio

Social media stocks were positive outliers early Wednesday in the wake of major restructuring news from Snap (NYSE:SNAP).
Snap itself rose nearly 8% after the company confirmed it will cut 20% of its workforce--or more than 1,200 jobs--and cancel a number of projects that don't fit into three strategic priorities. Among those projects getting the axe are Snap Originals, Minis, Games, and the company's "selfie drone" Pixy.
Facebook parent Meta Platforms (META) bounced back after three straight losing sessions to rise more than 4%, Wednesday, while Pinterest (NYSE:PINS), which often moves based on its bigger social siblings, also rose 4% as trading progressed. Both Meta (META) and Pinterest (PINS) rebounded from three straight down sessions.
Twitter (NYSE:TWTR), however, remained near its breakeven point, as its trading grows increasingly unmoored from fundamentals as each day brings new legal action ahead of an October trial over its deal to be acquired by Elon Musk.
Google parent company Alphabet (NASDAQ:GOOG) was also slightly higher Wednesday as well, rising almost 1%.
Snap's (SNAP) activity occurred a day after the company lost two executives to Netflix (NFLX) who are set to help the streaming TV giant build a new advertiser-supported membership offering.