Kylie Jenner's tweet that she no longer uses Snapchat 'wipes £1bn off value of app'
The value of Snapchat’s parent company plummeted by an astonishing £1 billion ($1.3bn) after a tweet by Kylie Jenner stating that she no longer uses the messaging app.
Shares in the social media company plunged by a massive six per cent, just hours after the reality TV star told her 24.5 million Twitter followers she is no longer a fan of the messaging app.
Jenner, Kim Kardashian’s half-sister, caused a social media storm by tweeting: “sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
After dropping almost 8 per cent during trading hours, shares in Snap Inc closed 6 per cent down on Wall Street.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
But in a follow-up message, Jenner said: "still love you tho snap... my first love".
The tweets came as the company rejected complaints about November's re-design to its messaging app, with its boss Evan Spiegel saying earlier that users needed time to get used to it.
In response to the celebrity’s twitter message, Snap Inc said in statement that it understood the “new Snapchat has felt uncomfortable for many”.
It said: "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.
"By putting everything from your friends in one place, our goal was to make it easier to connect with the people you care about most.
still love you tho snap ... my first love
— Kylie Jenner (@KylieJenner) February 21, 2018