Yikes, Snapchat is having one rough week. It’s bad enough that their latest update has been poorly received by most of its subscribers, now one of their most influential has practically (and casually) declared it dead via Twitter.
— Kylie Jenner (@KylieJenner) February 21, 2018
After only a day (and over 55,000 retweets), the ominous tweet sent by Kylie Jenner has since caused Snap Inc. to plummet a whopping 7-8 percent in the stock market, reportedly equivalent to over $1 billion in market value. And it is reported to still be sinking at over 6 percent a few hours ago. This follows a slight uptick after a steady drop in the market after Snapchat responded to an online petition with over a million signatures, criticizing the new update and urging the people behind the app to revert back to the old design. But CEO Evan Spigel has said they expected a bit of backlash about the update, though they probably weren’t expecting a billion dollar loss from something as trivial as a tweet.
That said, Jenner is a popular user not just because of her name but because of her loyal, mostly teenage followers and how she, just like the rest of the Kardashians, use various social media apps to sell their products and lifestyle to them. Snapchat is especially vital because of the same demographic being the app’s core group of users.