Reality Star Tweet Causes Snapchat Shares To Lose $1.3bn
Kylie Jenner, reality star and makeup mogul sent out a single tweet criticising the new Snapchat update causing the social media giant to lose US$1.3bn in market value.
The 20-year-old sent out the below tweet describing her thoughts towards the new update.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Jenner replied to a follower’s tweet saying since the update she doesn’t open it up as much as she used to.
Snapchat describes the update as, “The new Snapchat separates the social from the media. This means that the Chats and Stories from your friends are on the left side of Snapchat, and the Stories from publishers, creators, and the community are on the right.”
Since the new Snapchat update users have been expressing their distaste for the new layout where stories and snaps are on one page and celebrity posts are on another.
Evan Spiegel CEO at Snapchat told investors last week, “People are saying, ‘I used to feel like this celebrity was my friend and now they’re not my friend anymore.’ Exactly. They’re not your friend.”
A petition was signed by 1.2 million users demanding the social media app change it back to the old layout but Snapchat shut it down in a reply saying, “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”.
With the company saying the move was “to make it easier to connect with the people you care about most”.
Last year, Spiegel received US$637.8m as total compensation after the company went public.