A tweet by Kylie Jenner caused the value of Snapchat’s parent company, Snap Inc., to go down by $1.3 billion!
Discussing Snapchat’s controversial new redesign, Jenner tweeted, “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”
Hours afterward, stock in Snap dropped by almost 8%, before leveling off at 6% by the time the market closed. Jenner then sent a follow-up tweet, writing, “still love you tho snap … my first love.” Jenner then retweeted a fan who asked for the company to bring back the old design.
In response to criticism, Snap Inc released a statement: “We hear you, and appreciate that you took the time to let us know how you feel. We completely understand the new Snapchat has felt uncomfortable for many.”
The company then reassured users that the design would get easier to use over time: “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 new Friends page will adapt to you and get smarter over time, reflecting who you’re most likely to be Snapping with at that moment.”
Now thats what you call power!