Snap Falls as Meta Launches $299 Glasses, Challenging $2,195 Snap Specs
Snap Inc. dropped roughly 3.8% to $4.46 Tuesday afternoon, with investors looking at the Snapchat parent’s expensive AR efforts while Meta Platforms stepped up competition and tech stocks struggled. Shares moved between $4.43 and $4.65. Snap’s market cap hovered close to $7.5 billion. Snap is under pressure as it tries to get Wall Street to see value in its Specs smart glasses, which cost $2,195. The company is pushing investors to look past its main ads business, but Meta and EssilorLuxottica have rolled out a new line of AI smart glasses with prices starting at $299.