Snap Loses $1.3B In Market Value As Reality TV Star Kylie Jenner Says She No Longer Uses It


Snapchat owner Snap saw $1.3B wiped from its market value after reality TV star Kylie Jenner tweeted that she had stopped opening the app.

Jenner has 24.5M followers on Twitter, and was (and may still be) the most viewed person on Snapchat, but the tweet was likely only the indirect cause of the stock market plunge …

Jenner was giving high-profile voice to a view shared by more than a million users of the app: that they hate the redesign and want the old Snapchat back.

A petition to revert to the old design quickly hit more than a million signatories, and is now over 1.2M. Additionally, a hoax tweet saying the company would switch back to the original layout if enough people retweeted it has been retweeted almost 1.5M times.

Snap has so far dismissed the calls, saying that users just needed time to get used to the change. CEO Evan Spiegel later went further, bizarrely arguing that objections to the change actually served to validate it.