Kylie's tweet wipes out $1.3 billion of Snap's market value
What's the story
Though she must not have intended to, Kylie Jenner ended up hurting Snap (Snapchat's parent company) massively and that too with just a single tweet. Her disapproval of the app brought down its market value by $1.3 billion. It so happened that Kylie wrote she does not even open Snapchat anymore and her 24.5 million followers did the rest.
Twitter Post
Here's the tweet by the reality television star
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Details
Snapchat's recent redesign was put to blame
When the stocks of a company come down by 6.1%, blames are to follow. Although it wasn't clear what propelled Kylie to stop using Snapchat, several experts came out with their reasons. Wall Street analysts found the recent app redesign to be the cause of the massive downfall in user engagement.
Background
What led Kylie to tweet about Snapchat
Kylie's tweet came after Maybelline New York asked its followers for an opinion on whether it should continue to stay on Snapchat or not as its views on the app have "dropped dramatically." However, Kylie later did compensate for her earlier tweet by writing, "Still love you tho snap, my first love."