Kylie Jenner Tweet 'Wipes $1.3B Off Snapchat Value'

'sooo does anyone else not open Snapchat anymore?'
By Rob Quinn,  Newser Staff
Posted Feb 23, 2018 1:49 AM CST
Kylie Jenner Tweet 'Wipes $1.3B Off Snapchat Value'
In this Feb. 13, 2017 photo, Kylie Jenner attends the Philipp Plein collection during Fashion Week in New York.   (Photo by Charles Sykes/Invision/AP)

A single tweet from Kylie Jenner is being blamed for a 6% tumble that wiped around $1.3 billion off the stock market value of Snapchat's parent company. On Wednesday, the reality TV star tweeted to her 24.5 million followers: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad." Minutes later, she added that she "still loves" Snap, but the earlier tweet was blamed for a sell-off that wiped out most of the gains Snap Inc. stock had made since its IPO last year, reports the Los Angeles Times. Jenner appears to have been annoyed by a controversial Snapchat redesign that some users are calling "worse than the Black Plague," the BBC reports.

A petition signed more than 1.25 million times complains that many users have found the update, which shifts content from celebrities from the Friends tab to a "Discover" tab, "has not made the app easier to use, but has in fact made many features more difficult." Chief Executive Evan Spiegel says users simply need time to adjust to the changes. Reuters reports that a company filing Thursday stated that Spiegel received $637.8 million in compensation last year, the third-highest on record for a CEO. Mashable argues that Jenner shouldn't be accused of single-handedly tanking Snap Inc. stock—it was already trending downward before the 6% plunge, and had started edging back up by the end of trading Thursday. (More Snapchat stories.)

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