Kylie Jenner tweet tanks Snap shares, erases $1B

  • Kylie Jenner tweet tanks Snap shares, erases $1B

Kylie Jenner tweet tanks Snap shares, erases $1B

Jenner doesn't explicitly say in her tweet why she's no longer opening the Snapchat app, though we assume it's because she doesn't like the redesign.

Shares in Snap Inc., the company which owns the photo message app, tumbled in the hours after the tweet.

Jenner tweeted on Wednesday that she disliked Snapchat's redesign.

"Then once, I just made a decision to try Instagram stories, just on a whim, so I just posted one or two things over there and boom, 400,000 people instantly saw it without me telling anyone about it".

Celebrity Kylie Jenner is among many public figures who achieved notoriety with the help of Snapchat voicing their dislike for the new design. She followed up with another tweet: "Still love you tho first love".

Ives believes the update was necessary to expand Snapchat's user base.

Snap's stock price fell 6.1% on Thursday, erasing $1.3 billion of market value, after reality TV celebrity Kylie Jenner said she doesn't use image-sharing app Snapchat anymore, according to a report from Bloomberg.

Three days ago, U.S. bank Citigroup downgraded Snap from "neutral" to "sell" in response to the reaction to the redesign.

When Kylie Jenner talks, even Wall Street snaps to attention, it seems.

In fact, more than 1.2 million signed a petition to reverse to redesign since it launched earlier this month. However, creator and CEO Evan Spiegel stood his ground and insisted "that users just needed time to get used to it".

In a response to the petition, Snapchat asked users to be more patient with the changes.

It said that the new and much-maligned Friends page "will adapt to you and get smarter over time", adding that this personalisation would be noticeable on the new version of the app's Discover page. Snap's stock opened at $18.63 but took an 8 percent tumble by 14:00 ET before rallying and closing at $17.50.

Not to mention that Snapchat executives have already come out and said they have no plans to remove the latest update.