Jenner's tweet wipes out $1.7b of Snapchat

NEW YORK • When Kylie Jenner talks, even Wall Street snaps to attention, it seems.

Shares of Snap, parent company of messaging app Snapchat, sank 6.1 per cent on Thursday, wiping out US$1.3 billion (S$1.7 billion) in market value after Jenner, 20, tweeted the day before that she does not use the app anymore.

She posted: "Sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."

Whether it is the demands of her newfound motherhood or the app's recent redesign, the testament drew similar replies from her 24.5 million followers.

 Jenner's tweet was followed late on Thursday by one from Maybelline New York, asking its followers if it should stay on the Snapchat platform.

The beauty-product brand owned by Paris-based L'Oreal said its "Snapchat views have dropped dramatically", but it still wanted to connect with its followers.

Citigroup analyst Mark May downgraded the Snap stock to sell from neutral earlier this week after seeing a "significant jump" in negative reviews of the app's redesign.

Meanwhile, a petition on Change.org calling on Snapchat to abort the redesign has gathered more than 1.2 million signatures, signalling that folks are not quite ready to jump ship just yet.

And Snap did get some wiggle room when Jenner later posted: "Still love you tho snap... my first love."

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A version of this article appeared in the print edition of The Straits Times on February 24, 2018, with the headline 'Jenner's tweet wipes out $1.7b of Snapchat'. Print Edition | Subscribe