Jenner's tweet wipes out $1.7b of Snapchat

Emmett Rice
February 25, 2018

Let's face it, more than a million people signed a petition asking Snapchat to undo the latest update because seemingly no one is happy about it. Kylie Jenner isn't happy about it either and she said as much on Twitter. As Kylie Jenner tweeted about the new update being "so sad", the social networking major's share prices plummeted by nearly eight percent.

Ky caused a fuss by tweeting yesterday morning that 'sooo does anyone else not open Snapchat anymore? Or is it just me...

According to Bloomberg, after Kylie's tweet, Snap, Inc. stock dropped by 6.1 percent. Almost a million users even signed a petition on, suggesting Snapchat to bring back the old version. The company's user growth rose 5% to 8.95 million new users.

Shares in Snap - the app's parent company - closed 6% down on the U.S. stock market after Jenner's post, which was in reference to a controversial recent redesign of the photo sharing app.

Celebrity users of social media gain millions of followers and Jenner's tweet was seen and shared by hers.

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Did Kylie Jenner cost Snapchat $1 billion? Users of the app have complained that it is now more hard to use.

"There is a general level of annoyance among users and many have chose to use a VPN app, or are using other risky apps or steps, to go back to the old Snapchat as that's how annoying this new update has become", he continued. That's also the question that put an end to Snap's financial growth. Wall Street analysts too have begun to notice, citing recent user engagement trends noticed since the platform's redesign. She told Trading Nation, "I've always been skeptical of Snap because I think it's very hard for them to monetize".

However, last week, Spiegel said that some complaints about the update actually "validate those changes". "I think that's a risk".

BBC business correspondent Kim Gittleson posted a graph of Snap Inc's share prices that showed a sharp plunge immediately after the release of the Citi note, followed by a second major drop-off in the hours after Jenner's tweet.

Other reports by Free-Prsite

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