Snapchat's Value Drops R15 Billion After 1 Kylie Jenner Tweet

Posted February 26, 2018

"Keeping Up With the Kardashians" star Kylie Jenner might have cost Snapchat $1.3 billion in market value. That represented a $1.3 billion loss in value (approximately R15 billion), according to CNN Money.

Jenner has been one of Snapchat's most influential users. The figure of reality TV royalty sent Snap's shares tumbling when she mused on how she doesn't really open the app anymore.

Snapchat rolled out a significant redesign, which included mixing people's private messages and their stories together under one banner, confusing users instantly. "Or is it just me. ugh this is so sad", she wrote to her 24.5 million Twitter followers on Wednesday.

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Though Jenner followed up with another tweet about her affections for the platform, calling Snapchat "my first love" (and heralding a generation of young Americans who romanticize apps rather than other humans, but that's neither here nor there), it wasn't enough to save Snap from the stock plummet.

Snap did not respond to a request for comment. Her celebrity adds fuel to the backlash surrounding the app's major redesign, according to Daniel Ives, chief strategy officer and head of technology research at GBH Insights. Wall Street analyst previously noted engagement was down after the app's remodel, Bloomberg said. "With roughly 25 million followers, [Jenner] carries a loud mouthpiece that speaks to today's knee jerk reaction in shares".

The controversial changes upset many Snapchat users.

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"We hear you, and appreciate that you took the time to let us know how you feel", Snapchat said in the post.

The petition's core complaint is that the new update "has not made the app easier to use, but has in fact made many features more hard ..."

Earlier this month, model Chrissy Teigen tweeted: "How many people have to hate an update for it to be reconsidered?"

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