🔴 Snap is trading 4.8% down today after Ninth Circuit ruling on Section 230 lawsuits

Snap is trading 4.8% down at $5.15 as investors react to legal concerns surrounding social-media liability and recent insider selling.

• The Ninth Circuit’s August 10 ruling allowed more than 3,000 Section 230-related lawsuits to proceed.
• CTO Robert Murphy sold 4 million shares on August 5 and 6.
• The broader market is only modestly lower, so company-specific concerns appear to be the primary catalyst.