Snap royalty Kylie Jenner helped erase US$1.3 billion

Jenner's post is just one of the disapprovals that Snap is now facing but hers impacted the market the most.

Two things were learned (or reinforced rather, because we already knew them.) The first being that the latest Snapchat update sucks.

"You also never open a Snapchat? Or is it just me... ugh this is so sad", the reality star wrote.

On Thursday, the stock price of Snap, Snapchat's parent company, fell about 6 percent closing at $17.51.

Snap's shares sank after Ms Jenner's tweet about Snapchat's re-design to her 24.5 million Twitter followers.

More that one million people signed a Change.Org petition calling for Snapchat to revert to its previous design, labelling the new version too hard to use shortly after its launch.


The biggest change in the new version is separating "the social from the media". Users of the app have complained that it is now more hard to use. The 20-year-old Jenner, who has appeared on "Keeping Up with the Kardashians" since 2007, is right in the middle of Snapchat's key demographic of young adults and teens that are hard to reach through other social platforms like Facebook. Instagram introduced their story feature in 2016, and it has since grown to include many new features that put it on par with Snapchat.

Citi bank downgraded Snap Inc's rating from "neutral" to "sell" in a note to stock market investors on Thursday morning, hours before Jenner's tweet.

Maley also believes numerous investors betting against Snap have covered their shorts, which could boost the stock. The company's market value took a $1.3 billion hit and at it's lowest, got dangerously close to its IPO price.

"I've always been skeptical of Snap because I think it's very hard for them to monetize..." Huber said that "the company should have seen this [redesign backlash] coming if they did a proper job testing this in the marketplace".

Jenner, named the No. 1 most-viewed person on Snap in 2015, tweeted Wednesday that she hasn't touch the app in recent weeks.


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