Emailed on October 4th, 2019 in The Friday Forward

Shares for Snap Inc., the parent company of Snapchat, were down nearly 7% after Facebook announced the launch of “Threads,” a new messaging app for Facebook-owned Instagram that looks and feels a lot like Snapchat. 

It’s notable that Facebook chose to launch the app amid multiple U.S. antitrust probes into how it may be using its dominance to cripple competitors.

Last week, the Wall Street Journal reported that Snapchat’s legal team has been documenting Facebook’s anti-competitive tactics for years in a file dubbed “Project Voldemort.”

Not sure what that makes Snap, Inc. in this story, but we can all agree naming legal files after Harry Potter characters makes them 1000% more exciting.

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