Kylie Jenner’s tweet wipes out $1.3 bn of Snapchat’s market value

February 23, 2018

Snapchat was dealt a huge blow on Thursday after Kylie Jenner questioned them about the usefulness of the messaging app. After her statement of stop using the app, the company lost $1.3 billion in market capital.

reality-star-model-cosmetic-maker Kylie Jenner told her 24.5 million follower, “Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

Her tweet was retweeted over 58,000 times and liked by 300,000 users. However, she tried to amend her words by saying that she still loves the app but as it says there is no use of crying over spilt milk and damage had already been done.

After the 11 minutes of the earlier post, she tweeted, “Still love you tho snap … my first love.”

Snap stocks dropped around 8% after her tweet. Jenner’s criticism came at a time when investors are troubled over negative user reviews. A appeal that required a setback of the messaging app’s latest redesign has over a million signatures and the company was compelled to respond to the petition.

In its response, Snapchat did not agree to the petitioners’ demand, but promised to even out a new update in the upcoming weeks that will bring some changes to the ‘Friends and Discover’ section in the app.

‘Remove the new Snapchat Update’ titled petition has been signed by over 1.2 million people so far, said the new update is responsible for the many features difficult to use.

The petition said it aimed to convince Snap Inc to change the app back to the version prior to the 2018 update.

By: Anurag Panchal

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