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Tags: snap | kylie jenner | market | value | tweet

Snap Royalty Kylie Jenner Helped Erase $1.3 Billion in One Tweet

(Gary Arbach/Dreamstime)

Thursday, 22 February 2018 12:13 PM EST

Snap Inc.’s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan.

The Snapchat parent’s shares sank as much as 7.2 percent Thursday, wiping out $1.3 billion in market value, on the heels of a tweet from Kylie Jenner, who said she doesn’t open the app anymore.

Whether it’s the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too, have begun to notice, citing recent user engagement trends noticed since the platform’s redesign. 

"sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," she tweeted/

Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a “significant jump” in negative reviews of the app’s redesign. He expects the reviews could cause user engagement to fall, hurting financial results.

Meanwhile, as the app takes criticism, Chief Executive Evan Spiegel may become one of the highest paid executives in the U.S. After the company’s IPO last March, Spiegel got a $636.6 million stock grant that will be payable through 2020.

"Still love you tho snap," Jenner hedged in a later tweet.

© Copyright 2024 Bloomberg News. All rights reserved.


StreetTalk
Snap Inc.'s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan.
snap, kylie jenner, market, value, tweet
205
2018-13-22
Thursday, 22 February 2018 12:13 PM
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