Snapchat’s market value has dropped almost $1 billion, after Rihanna criticised the social media platform for making light of domestic violence.
Earlier this week, the pop star hit out at the company for an advert that encouraged users to either ‘Slap Rihanna’ or ‘Punch Chris Brown’.
The ad was met by a huge backlash among users, with Rihanna responding by slamming the app via her Instagram story. She accused the service of “[spending] money to animate something that would intentionally bring shame to domestic violence victims.”
Snapchat then issued an apology, saying that the advert “is disgusting and never should have appeared on our service”.
Now, CNN has pointed out that the controversy has led to a 6 percent dip in the company’s stock – wiping off around $800 million from its market value (as of Friday, March 16).
Last month, Kylie Jenner also highlighted the impact a high-profile celebrity’s influence can have on a company. The reality star’s criticism of Snapchat’s controversial redesign erased $1.3 billion from the app’s market value.
Kim Kardashian’s half-sister had tweeted to her 24.5 million followers: “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad”.
Meanwhile, Snapchat said in a statement that they are “investigating how [the advert] happened so that we can make sure it never happens again.”
Others to lend their voice to the criticism included US activist Brittany Packnett and Chelsea Clinton.