| Snapchat Loses $1.3 Billion After Kylie Jenner Says She No Longer Uses It

February 23, 2018

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2018-02-23 04:20:41

Snapchat’s future has been looking grim after a recent redesign of the app. The social media company just lost $1.3 billion in market value after , who is dubbed the queen of Snapchat, seemingly tweeted that she no longer uses the app.

“sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” she wrote on Twitter on February 21. “Still love you tho snap… my first love,” she added in another tweet.

According to Bloomberg, Snapchat parent’s shares decreased 6.1 percent on Thursday, February 22, wiping out $1.3 billion in market value, on the heels of Kylie’s tweet. Pivotal Research Group analyst Brian Wieser stated that it was “reasonable” to think that her tweet sent some investors fleeing. “It’s a stock in a nascent sector, where effectively a soft breeze can cause a stock like this to move,” he said.

Meanwhile, Ross Gerber, President and CEO of Gerber Kawasaki Wealth and Investment Management, claimed that Kylie’s tweet was just the “icing on the cake.” Gerber said of the makeup mogul, “She represents the most important demographic, and she is huge.”

Kylie, obviously, was not the only one who was upset about the recent redesign. More than one million people signed a petition for Snapchat to undo its redesign. The message that was posted on the petition page read, “With the release of the new Snapchat update, many users have found that it has not made the app easier to use, but has in fact made many features more difficult.”

Snapchat has responded to users who have signed the petition, letting them know that they’ve been heard. However, there hasn’t been any indication to remove the redesign. Instead, the company announced that it would be implementing new features, which “will make it easier to find the Stories that you want.”

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