Snap Inc. SNAP shares traded lower Wednesday after the company said it is halting promotion of President Donald Trump's content on its platform.
“We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover,” Snap said in a statement.
“Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America.”
Snap CEO Evan Spiegel released the following statement on George Floyd's death in Minneapolis.
“As for Snapchat, we simply cannot promote accounts in America that are linked to people who incite racial violence, whether they do so on or off our platform. Our Discover content platform is a curated platform, where we decide what we promote,” the CEO said.
Last week, Twitter Inc. TWTR censored a tweet by Trump about George Floyd and the Minnesota protests.
Snap is an American camera and social media company founded by Spiegel and Bobby Murphy based in Santa Monica, California. It has three key products: Snapchat, Spectacles and Bitmoji.
Snap shares were down 0.1% at $19.73 at the close Wednesday.
The stock has a 52-week high of $19.76 and a 52-week low of $7.89.
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