An hour after the opening bell:
•Twitter shares are down 6.2 per cent
•Facebook shares are down 1.5 per cent
•Google parent Alphabet shares are down 2.27 per cent
•Snapchat parent Snap shares are down 4.15 per cent
The declines come as the first of two tech-focused hearings get under way on Capitol Hill.
The first, before the US Senate intelligence committee, is intended to examine social media companies’ response to alleged Russian interference in the 2016 presidential election.
The hearings come amid increasing scrutiny on social media ahead of the midterms elections, both in terms of what they are doing to address foreign efforts to influence American voters and — after a volley of criticism from US President Donald Trump — how they treat different political voices on their platforms.
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