Why Snap Stock Fell Today
Shares of Snap (NYSE: SNAP) have fallen today, down by 4% as of 1:15 p.m. EDT, after larger rival Facebook (NASDAQ: FB) rolled out "Avatars" in the U.S. Avatars are Facebook's version of Bitmoji that it initially introduced in Australia last summer.
Facebook has been shamelessly copying Snapchat's most popular features for years with varying levels of success. Snap had acquired Bitstrips, the maker of Bitmoji, back in 2016 for $100 million. Bitmoji are personalized emoji that users can customize to look like themselves in various situations. Avatars started rolling out in Europe last month.
Image source: Snap.
Source Fool.com
