What happened Shares of beaten-down social media companies Snap (NYSE: SNAP), Twitter (NYSE: TWTR), and Pinterest (NYSE: PINS) all rose handily this week, up 11.9%, 10.4%, and 8.1%, respectively. The omicron variant emerged, while Federal Reserve Chair Jerome Powell suggested the Fed may move quicker than expected to contain inflation. Since Twitter and Pinterest trade at pretty high multiples of current earnings, and Snap is still losing money on its bottom line, all three were affected.