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 a year ago - and the rout was led by a bored tweet from a member of the Kardashian clan.
Kylie Jenner, the reality TV star and socialite, gave Snapchat's stock price another black eye after revealing she doesn't use the app anymore.
"Sooo doe anyone else not open Snapchat anymore?" Jenner's social media reach on twitter is a whopping 24.5 million followers. But it had already garnered plenty of attention, as brands do when they tweet whatever and just half-apologize later.
Although she followed it up calling it first love!
In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap's Market Value
But it seems Snapchat's poorly-received recent update and redesign, which has been widely criticised, left Jenner unimpressed. They now have a strong ad offering with a wide range of formats, measurement partners and a solid user base.
The redesign separates Snapchat into three parts - friends, the camera and photo-related features - and the Discover tab, which consists of curated and sponsored content, publishers and influencers. "What will be interesting is how long it will take Snap's share prices to return to normal in this tinder box industry". Even the CEO of Snap, Evan Spiegel tweeted that he has been using the new design himself and it has become a habit now and he has grown used to it.
An online petition Change.org has gone viral and the number of people sighing on is only going up.
Three days ago, USA bank Citigroup (NYSE: C - news) downgraded Snap from "neutral" to "sell" in response to the reaction to the redesign.
It has been a torrid few weeks for Snapchat, after its February 2018 update prompted a barrage of criticism from users and industry analysts alike.
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