News Desk |
The market value of Snapchat’s parent company plunged by $1.3 billion after the reality star Kylie Jenner tweeted she is no longer using the social media application. Jenner, expressed her dislike for the recent upgrade in her tweet.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Jenner tweeted, “sooo does anyone else not open Snapchat anymore? Or is it just me” to her 24m followers on Twitter on Wednesday 21st February 2018. She later followed with another tweet that said: “still love you tho snap … my first love,” but the damage was already done.
On Thursday trading at the Wall Street, the shares of Snapchats parent company slopped to 8% in the beginning before stabilizing at 6%. The shares of the company went back to last year’s March stock market price at $17.
Analysts and commentators have remarked that it’s Jenner’s departure from the Snapchat that has damaged its financial worth, but people were already agitated with the redesign introduced in the application at the beginning of this month.
Read more: Snapchat remodel makes app more intimate
Snapchat continues to confront tough competition with Facebook and Instagram. Its retrieval has become more difficult as more and more celebrities are using Instagram now instead of Snapchat.
Kylie Jenner shared the pictures of her first baby daughter on Instagram last month. The post collected 13 million likes. She captioned the picture “pregnancy was the most beautiful, empowering and life-changing experience” and that she will “miss it”.
However, it isn’t just the celebrities disappointed with the social media application, 1.2 million people have signed a petition begging to reverse the redesign of snapchat, which was dismissed by the company.
The petitions core complaint said the application “has not made the app easier to use, but has, in fact, made many features more difficult … Many ‘new features’ are useless or defeat the original purposes Snapchat has had for the past years”.
Snapchat has however overruled the plea and stated: “We completely understand the new Snapchat has felt uncomfortable for many. This new foundation is just the beginning and we will always listen closely to find new ways to make the service better for everyone”.