Snap Inc.'s stock market value plummeted by 6% in a day following Jenner's tweet that she no longer uses Snapchat.
In another illustration of the terrifying power that the Kardashians hold over the human race, it has been announced that around $1.3 billion was wiped off the value of Snapchat after Kylie Jenner tweeted yesterday that she no longer uses the app.
Shares in the social media application’s parent company Snap Inc. dropped by an alarming 8% on Thursday’s trading on Wall Street, just hours after Kylie had tweeted to her 24.5 million followers that Snapchat no longer held any appeal for her.
The company’s value recovered slightly by the end of the day, but still closed 6% down on the start of the day, wiping approximately $1.3 billion.
21 year old Kylie, the half-sister of the three Kardashian sisters, caused a brief social media storm yesterday morning by writing: “sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.”
Kylie Jenner's tweet yesterday wiped $1.3 billion off Snapchat's value
Later on in the day, the new mom posted another message reading “still love you tho snap... my first love”, perhaps understanding the huge power of her words.
Back in November, Snap Inc. launched an unpopular re-design of the Snapchat app. Users complained about its unwieldiness, but the company’s boss Evan Spiegel argued that fans would get used to the new lay-out.
In response to Jenner’s message yesterday, Snap Inc. released a statement admitting that “new Snapchat has felt uncomfortable for many”.
It read: “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. 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.”