- Today the stock price of Snap Inc (NYSE: SNAP) increased by 3.13% as it went from a previous close of $52.73 to $54.38. This is why it happened.
Today the stock price of Snap Inc (NYSE: SNAP) increased by 3.13% as it went from a previous close of $52.73 to $54.38. There were a couple of bullish triggers that led to the stock price increase.
Bullish Trigger: Other Social Media Apps Criticized For Trump Censorship
A few days ago, Facebook and Twitter decided to indefinitely ban President Donald Trump from their platforms. President Trump made comments on Twitter encouraging and praising violent riots at the U.S. Capitol.
“In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action. Our public interest framework exists to enable the public to hear from elected officials and world leaders directly. It is built on a principle that the people have a right to hold power to account in the open,” wrote Twitter in a statement about the banning of President Trump.
Some people found this decision to be partisan in nature and others felt like it was a restriction on freedom of speech. And Twitter’s stock price fell 6.41% today as the banning of President Trump drew criticism on both sides of the aisle.
Bullish Trigger: Acquisition Of StreetCred
Today it was also announced that Snap is buying a street mapping company called StreetCred, which is a New York-based digital mapping service. Four StreetCredit team members including company co-founders Randy Meech and Diana Shkolnikov are joining Snap in connection with the acquisition.
Disclosure: I have a small SNAP position in my stock portfolio