March 22, 2018

Snap royalty Kylie Jenner helped erase US$1.3 billion

24 February 2018, 10:21 | Virginia Santiago

Bloomberg’s Taylor Riggs reports on Snap Inc

Bloomberg’s Taylor Riggs reports on Snap Inc

This week, Kylie Jenner demonstrated just how powerful Kardashian and by annihilating Snapchat in about 100 characters.

Snap shares are seesawing Friday after Kylie Jenner's tweet wiped out $1.3 billion of market value on Thursday. Indeed, some 1.2 million have signed a petition to rollback the redesign of the app. She followed up the initial message with another - "Still love you tho snap" - but that amounts to a #sorrynotsorry, with the damage already being done.

Too little, too late and, honestly, perhaps it's for the best.

Jenner's post is just one of the disapprovals that Snap is now facing but hers impacted the market the most. But out of all the social media platforms available, Kylie has historically preferred the millennial-dominated Snapchat above all the others.

In November, CEO and founder Evan Spiegel acknowledged Snapchat can be hard to understand and announced a redesign was in the works.

As a result, shares of Snapchat have been dropping, and Jenner's tweet only added fire to the flame. But for Snap short sellers, the tweet was welcome news after an earnings beat took many off guard earlier this month.

I never said 'give teachers guns': Trump slams media
He has also floated - in listening sessions , on Twitter , and most recently at CPAC - giving guns to school workers. Trump sounded confident of his ability to get the NRA onside. "I really think the NRA wants to do what's right".

So if Kylie Jenner declares that Snapchat is beyond relevance to her millennial fans, that's a problem for Snapchat.

The company is issuing updates for its app to help make it easier for users to enjoy Snapchat again.

Don't hold an e-funeral for Snapchat just yet, social media expert Nik Hewitt told Newsweek.

But it isn't just Snapchat's celebrity users and investors who have expressed frustration with the new direction the app has taken.

The app previously featured content from friends, publishers and celebrities on one page. While the tweet seems fairly innocent at heart, it stems from the widespread disapproval of a recent redesign, that many users are calling downright awful.

The tweet got more than 319,000 likes and 62,000 retweets with several fans chiming in, tweeting back that they feel the same way and ultimately blame the app's new redesign that debuted late a year ago.

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