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July 16, 2020, 1:46 p.m. EDT

Twitter woes bruise social media ETFs

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By Andrea Riquier

Exchange-traded funds with heavy exposure to social media stocks were lower Thursday after a high-profile hack of Twitter Inc. /zigman2/quotes/203180645/composite TWTR +0.43% ostensibly in connection to a Bitcoin scam. The Global X Social Media ETF /zigman2/quotes/202034985/composite SOCL +1.17% , which has 8.1% of its portfolio allocated to Twitter shares, was down 2% in the early afternoon, on track for its worst week since the havoc in the financial markets in March. The John Hancock Multifactor Media & Communications ETF /zigman2/quotes/209285373/composite JHCS +0.63% , with nearly 4% of its holdings in Twitter, was off 0.2%. Twitter shares fell sharply overnight, but by early afternoon were off only 1.1%. Despite Thursday's loss, and another steep sell-off July 13, Twitter shares are on track for their best month since last July, according to FactSet data.

/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 37.44
+0.16 +0.43%
Volume: 11.01M
Aug. 12, 2020 4:03p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$29.49 billion
Rev. per Employee
$776,112
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/zigman2/quotes/202034985/composite
US : U.S.: Nasdaq
$ 47.49
+0.55 +1.17%
Volume: 70,270
Aug. 12, 2020 4:00p
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/zigman2/quotes/209285373/composite
US : U.S.: NYSE Arca
$ 29.84
+0.19 +0.63%
Volume: 458.00
Aug. 12, 2020 3:40p
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