Reality star sparks £1 billion loss from social media's stock market
Kylie Jenner has wiped $1.3 billion (£1 billion) from Snapchat’s market value, after she complained about the controversial redesign of the app on Twitter.
Kim Kardashian’s half-sister tweeted to her 24.5 million followers on Wednesday (February 21): “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad”.
Her post – combined with investors’ fears over the redesign – reportedly resulted in the company’s stock plunging 6 per cent throughout Thursday, taking $1.3 billion from its market value.
The revamp of the social media app saw it focus on dividing up users’ content between friends and publishers, allowing it to promote paid-for content more easily.
Jenner is not alone in hitting out at the redesign, too, with a petition demanding for the removal of the update garnering more than 1.2 million signatures. Users of the app have complained that it is now more difficult to use.
In response to the petition, Snap Inc – the developer behind Snapchat – responded: “We completely understand the new Snapchat has felt uncomfortable for many.
“By putting everything from your friends in one place, our goal was to make it easier to connect with the people you care about most.”
The statement added: “This new foundation is just the beginning, and we will always listen closely to find new ways to make the service better for everyone.”
Despite her post, Jenner did follow-up her tweet with another the same day insisting: “still love you tho snap … my first love”.