Snapchat’s parent company has lost up to $1.3 billion in market value, causing the social media platform’s shares to push down by a whopping 7.2 percent, hours after reality star Kylie Jenner tweeted a statement that she was no longer using the messaging service.
“sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” Jenner said.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
She followed it up sometime later with “still love you tho snap … my first love,” but (tsk tsk) the damage may have already been done.
Snapchat’s latest update in the beginning of this month aimed at app redesign and broadening the appeal of the youth-oriented social network and has sparked a backlash from many users complaining about the abrupt overhaul in their preferred Snapchat using experience.
More than 578,000 users signed an online petition by midday on Monday last week, calling on parent firm Snap Inc. to roll back on their previous update.
“Many users have found that it has not made the app easier to use, but has, in fact, made many features more difficult,” according to the petition at change.org.
Snap’s shares fell by over six percent on Thursday, summing up to a loss of about 1.3 billion in market capitalisation. The firm has had a total loss of $348 million in the last three months.
The app found by Evan Spiegel in 2011 while he was studying at Stanford University, was up on the New York stock market in March 2017, and its shares soared.
Jenner has huge following on various social media platforms, including Twitter and Instagram. She posted news of her daughter’s pregnancy on her Instagram handle; this immediately became one of the most liked posts of all time on the fan-favourite platform.