Kylie Jenner Tweets Complaints About Snapchat, App Shares Drop $1.3 Billion In Value

Kylie Jenner took to Twitter to air her grievances about Snapchat, the popular photo and video sharing social media app.

KYLIE JENNER CAUSES MAJOR DROP IN SNAPCHAT VALUE

“Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” the reality star wrote. Snapchat recently updated its service, and fans of the app were not happy with the changes. One million users signed a petition asking for Snapchat to return to its previous version. Earlier this month, CEO Evan Spiegel responded by telling users that they just needed time to get used to the change.

As a result, shares of Snapchat have been dropping, and Jenner’s tweet only added fire to the flame. After sharing her tweet with her 24.5 million followers, $1.3 billion was wiped from Snapchat’s stock market value. Shares for the app had dropped almost 8% and closed 6% down on Wall Street. The price for a share is back near the $17 price they began at when Snap joined the stock market in March last year.

“Still love you tho snap … my first love,” Jenner tweeted just 11 minutes later.

Daniel Ives, Snap’s chief strategy officer, believes the drop in value will not last. “We believe this is an overreaction as Wall Street is hypersensitive to the app redesign,” he told CNN. “With roughly 25 million followers, [Jenner] carries a loud mouthpiece that speaks to today’s knee jerk reaction in shares.” In addition, he stands by the major changes that the app re-design introduced: “Snap is doing the right strategic moves but needs to manage this process well.”

Snapchat faces heavy competition from Facebook-owned Instagram. Nevertheless, Spiegel, it was reported on Thursday, received $637.8 million for his total pay in 2017, which is thought to be the third-highest annual package every given to a company’s CEO.