Snap continued to sink Thursday, falling below $10 for the first time and hitting an all-time low for the third straight day.

The shares fell 3 percent to a session low of $9.62. The dip makes for Snap's seventh straight day of losses and extends its week-to-date losses above 10 percent.

Social media stocks have been under pressure this week, as Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey fielded questions from lawmakers about political bias, digital security and abuse of their platforms.

Twitter's stock tanked 6 percent Wednesday, and dragged its peers lower.

Snap's shares have struggled to hold their value since its IPO early last year. At Thursday's lowest point, Snap was off more than 40 percent from its debut price of $17 and more than 65 percent off its all-time intraday high of $29.44.

Disclosure: CNBC parent NBCUniversal is an investor in Snap.