Kylie Jenner's tweet about Snapchat sees stock value fall by $1.3bn

Comments followed users criticisms of the app's redesign

Jeremy B. White
San Francisco
Thursday 22 February 2018 23:41
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Snapchat release new version of the app for 2018

The value of Snapchat’s parent company plunged after reality TV star Kylie Jenner criticised the app.

“Sooo does anyone else not open Snapchat anymore?” Ms Jenner said in a tweet on Wednesday.

By Thursday afternoon, the valley of Snap - which owns the messaging service Snapchat - had plummeted by several percentage points.

The drop-off erased some $1.3bn (£900m) in market value.

While it’s difficult to establish that Jenner’s tweet spurred the change in the company’s stock price, which had been trending down all week, her 24.5 million Twitter followers give her social media pronouncements broad reach.

Her initial tweet was retweeted nearly 50,000 times. The stock price plunge came despite Ms Jenner quickly softening her criticism, saying “still love you tho snap”.

Snap has been defending a redesign of Snapchat that has drawn a negative reaction from many users.

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