After Kylie, Rihanna’s accusation drops Snapchat’s market value by $800 million

March 17, 2018

Snapchat lost its market value by $800 million Thursday after Rihanna tore into the app for mocking of domestic violence victims. The ad was asking users if they’d rather  Later on Wednesday, the app “slap Rihanna” or “punch Chris Brown”. This is the second time when Snapchat drop its market value after the celebrity’s statement. Later on Wednesday, the app apologized for ad and stated in a disclaimer, “The advert was reviewed and approved in error, as it violates our advertising guidelines.” Rihanna declined to accept the platform’s apology for mistakenly placing the ad after a vetting process, saying, “I’d love to call it ignorance, but I know you ain’t that dumb!”

Here is the ad:

Rihanna reacted via her Instagram story and showed her concern about other domestic violence victims being made fun of by the ad than by her own personal feelings. Her full statement reads:

“Now SNAPCHAT I know you already know you ain’t my fav app out there! But I’m just trying to figure out what the point was with this mess! I’d love to call it ignorance, but I know you ain’t that dumb! You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it!!!! This isn’t about my personal feelings, cause I don’t have much of them…but all the women, children, and men that have been victims of DV in the past and especially the ones who haven’t made it out yet….you let us down! Shame on you. Throw the whole app-oligy away.”

Snapchat Drops $800M stocks Rihanna Comment Christ brown

Snapchat responded to her Instagram story and the statement stated, “This advertisement is disgusting and never should have appeared on our service. We are so sorry we made the terrible mistake of allowing it through our review process. We are investigating how that happened so that we can make sure it never happens again.”

However, her statement alone decreased Snapchat’s stock by 6% i.e. $800 million. As we all know Rihanna’s following, it is hard to say how many followers of her followed her advice. Even in February, Snapchat lost $1.3 billion in market value after Kylie Jenner’s tweet that read, “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

By: Anurag Panchal

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