The drop took over one billion Euro off the company's value
A billion Dollar dive in the value of Snapchat stock is being blamed on a single tweet from reality TV star Kylie Jenner.
Shares in the social network’s parent company fell by as much as 7.2% today after Jenner tweeted to say she doesn’t open the app anymore.
The drop took $1.3bn (€1.05bn) off the company’s market value.
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 is just one of a number of influencers who have complained about a recent design update.
The company this afternoon insisted it won’t be changing back to the old layout - despite a petition calling for a return gathering over 1.2 million signatures.
Snapchat admitted the new design “has felt uncomfortable for many” but said the redesign is here to stay.
Users of the app have complained that the latest update has made it almost impossible to find content.
While there is no way to definitively say whether Jenner’s tweet caused the stock to slump, she is known as one of the app’s most popular users.
She appeared to backtrack on her criticism in a later tweet, posting, “still love you tho snap ... my first love.”
still love you tho snap ... my first love— Kylie Jenner (@KylieJenner) February 21, 2018