Social media ETF falls out of favor despite expected Snap IPO
December 29, 2016 at 13:10 PM EST
In a sign that market participants may be losing enthusiasm for the formerly highflying sector, the prospect of one of the buzziest social media companies debuting on the stock market hasn’t resulted in a flurry of buying for the Global X Social Media Index ETF, where assets have dropped by about a third since the news of Snap’s IPO.