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Snap stock craters after it reveals an $800 tariff loophole could endanger more than $1 billion in ad revenue

Fortune
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Social media platform Snap shares plummeted as much as 16.9% on Wednesday .

The company cited potential advertising troubles once the de minimis tariff exemption closes in its earnings report.

The exemption allows goods valued at less than $800 to enter the U.S. duty-free.

Chinese companies that benefit from the exemption have already raised their prices.