Snapchat shares slump after Kylie Jenner tweet
- Author: Marlene Weaver Feb 25, 2018,
Feb 25, 2018, 1:24
Celebrity Kylie Jenner is among many public figures who achieved notoriety with the help of Snapchat voicing their dislike for the new design.
Although not so serious, Jenner tweeted: "sooo does anyone else not open Snapchat anymore?"
The social media influencer expressed to her 24.5 million Twitter followers that she no longer uses the messaging app because of the recent interface update. Within two weeks, more than 1.2 million people have signed a petition on change.org to urge the company to reverse the change.
The company has been dogged by losses and declining users although it bucked the trend with an upbeat Q4 results. TMZ tried to ambush Kanye West and Kourtney Kardashian after they went to see Black Panther together in Calabasas, but they had no comment on whether Jenner is the new de facto head of the New York Stock Exchange.
Maley also believes numerous investors betting against Snap have covered their shorts, which could boost the stock. But out of all the social media platforms available, Kylie has historically preferred the millennial-dominated Snapchat above all the others. Facebook is also entering the foray, with their stories becoming more utilized with its billion plus users. "These adjustments to our products will continue over the next few quarters as we continue to optimize the application", Spiegel said on a recent earnings call.
Yet it turns out there's a much more boring explanation about why Snapchat's value dropped by $1.5 billion overnight. The company is now bombarded with a lot of criticism that rooted from the recently released update which changed the user interface of Snapchat.
"It'll take time for people to adjust, but for me, using it for a couple months, I feel way more attached to the service."".
"I've always been skeptical of Snap because I think it's very hard for them to monetize..."
Not to mention that Snapchat executives have already come out and said they have no plans to remove the latest update. "I think that's a risk".
So while Kylie Jenner's tweet may have caused Snap, Inc. stockholders to start selling off their shares, dropping the stock prices, it's not really Kylie's fault.