Snap is trading 4.35% down now at ARS 8130.00 after an August 10 Ninth Circuit ruling denied Section 230 immunity, exposing more than 3,000 lawsuits to proceed.
- A large August 5–6 insider sale by CTO Robert Murphy added pressure.
- Cautious analyst views and weaker broader markets also weighed, though coverage attributes the decline predominantly to company-specific legal and sentiment concerns.