Snapchat short sellers are placing their betting on another torrid week for parent company Snap ahead of its earnings on Tuesday.
Short sellers, investors who bet that a company will underperform to make returns, have increased their positions against Snap by 12pc this year. The short interest in Snap is $1.4bn, making it the third most shorted US software stock.
Snap has had a difficult 2018. A redesign of its app, which lets users share disappearing photographs, videos and messages, flopped with users earlier this year.
Celebrity Snapchat fan Kylie Jenner threatened she would stop using the app in protest over the redesign. More than $1bn was wiped off Snap in February when she tweeted: ‘“Sooo…
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