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Snapchat’s Value Drops By 1.3 Billion After One Tweet

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Joshua B.

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Snapchat%E2%80%99s+value+dropped+by+a+whopping+1.3+billion+dollars+due+to+one+tweet+by+Kylie+Jenner.
Snapchat’s value dropped by a whopping 1.3 billion dollars due to one tweet by Kylie Jenner.

Snapchat’s value dropped by a whopping 1.3 billion dollars due to one tweet by Kylie Jenner.

Image credited to Pixabay.

Image credited to Pixabay.

Snapchat’s value dropped by a whopping 1.3 billion dollars due to one tweet by Kylie Jenner.

Snapchat’s value dropped by 1.3 billion dollars after a tweet by Kylie Jenner. The tweet stated, “[S]ooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.” In response, the individual stock values dropped by about six percent, which would be calculated as a loss of 1.3 billion dollars. This tweet coincided with Snapchat’s redesign, which concerned users so much that one million people signed a petition to bring back the original design.

In addition, Citi downgraded the stock on Tuesday due to the new design. Citi’s Mark May stated, “While the recent redesign of its flagship app could produce positive long-term benefits, the significant jump in negative app reviews since the redesign was pushed out a few weeks could result in a decline in users and user engagement, which could negatively impact financial results.”

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Snapchat’s Value Drops By 1.3 Billion After One Tweet