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Freaky Prince

Snapchat loses over $1B after a Kylie Jenner tweet

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More than $1bn was wiped off Snap Inc’s market value on Thursday, in one of the company’s worst trading days since it went public last year – and the rout was led by a bored tweet from a member of the Kardashian clan.

Kylie Jenner, one of the first wave of celebrities whose fame grew primarily on Snapchat over other social media firms, shared her disappointment with the app on Twitter late on Wednesday: “sooo does anyone else not open Snapchat anymore? Or is it just me ... ugh this is so sad,” she said. “till love you tho snap ... my first love”.

Jenner’s tweet, combined with growing fears on the part of investors that a long-awaited usability-focused redesign may not solve Snapchat’s user growth issues, sparked a plunge in the company’s stock, which fell 6% over the course of Thursday, clearing $1.3bn from its market capitalisation.

 

Full article: https://www.theguardian.com/technology/2018/feb/22/snapchat-redesign-12m-signature-petition-social-media-app-kylie-jenner-celebrities

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