Just a tweet by Kylie Jenner and Snapchat loses $1.3bn in market shares
Just one tweet from reality TV celebrity and recent mom Kylie Jenner and Snapchat’s shares went tumbling, Bloomberg reports.
Millions of users of the social network have been complaining about the app’s most recent design, and it seems they aren’t the only ones displeased.
“sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” Kylie Jenner wrote, and shares from the company sank.
Less than 24 hours after Kylie tweeted out her frustrations to her millions of followers, Snapchat’s shares dropped by as much as 7.2%. The company suffered a $1.3 billion loss!
No one can say for certain that Kylizzle caused the stock tank, but the coincidence in timing is well worth the mention.
Stock analysts point out Snapchat’s recent app redesign for the reason behind the sharp decline in active users. Many Snapchat users are upset with the update and find it difficult to watch their friend’s Snaps, let alone their own.