Snap Inc's stock plummeted 5.12% during intraday trading on Friday, reflecting significant selling pressure on the social media company.

The decline comes as Snap recently disclosed a report of proposed sale of securities by a shareholder, adding to the downward momentum. This was further exacerbated by Wells Fargo cutting its target price on Snap to $5, dampening market sentiment toward the stock.

The broader Interactive Media sector also faced headwinds during the session, with major peers like Meta Platforms, Baidu, Reddit, and Alphabet all trading lower, indicating broad-based institutional de-risking across the group. Fundamentally, Snap is grappling with declining North American daily active users and a major restructuring involving significant layoffs and associated charges.