Kylie Jenner’s Snapchat Tweet Just Dropped Their Market Value

One negative tweet from Kylie Jenner led to a USD $1.3 billion drop for the social media giant's market value.

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It seems like we’re not the only ones that have found Snapchat’s new updates to be underwhelming and lacklustre. Kylie Jenner, the baby of the Kardashian-Jenner clan tweeted about how she doesn’t open Snapchat anymore, and almost instantaneously caused Snap Inc.’s shares to sink 6.1 percent, dropping USD $1.3 billion in market value.

Although the gigantic drop could be attributed to the tweet, the company was already facing a slow rate in growth compared to previous years. Reasons why Kylie is no longer using the app range from the new demands of motherhood (Hello Stormie!), the growth of Kylie Cosmetics, to the recent app redesign.

Snap Inc.’s shares began to drop when the recent app redesign started receiving negative reviews from both consumers and celebrities, and analysts also blame the drop in market value on poor user engagement trends since the platform’s redesign.

Following the damaging tweet, the 20-year-old celebrity engaged in a little damage control by quickly citing snap as her first love. (Nice save, Ky!)

In other Snap related news, Miranda Kerr’s new husband and Snapchat founder Evan Spiegel, is still set to become one of America’s highest paid CEOs. The 27 year will receive AU$811 million in stock grants due to the company going public. Rest assured he’s not getting a lump sum of cash, as he is only getting access to the stock options on a quarterly basis over three years.

Will this force another Snapchat redesign? Hopefully not.

Keep reading. Literacy is a bridge from misery to hope.

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