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Kylie Jenner's tweet on Snapchat's redesign wipes off $1.3 billion worth value

Jenner expressed her disappointment with Snapchat's UI to her 24.5 million Twitter followers.

  • Published: February 23, 2018 8:18 PM IST

Snapchat‘s redesign didn’t go well with a lot of users and that includes reality TV star, Kylie Jenner. The celebrity figure posted a tweet earlier this week expressing her dislike for the new UI of the app, and all did not go well for Snapchat at the stock market after that.

Jenner, who is Kim Kardashian’s half-sister and has about 24.5 million followers on the platform, tweeted that she does not use Snapchat anymore. This caused Snapchat’s shares to tank at almost 8 percent down. Snapchat’s parent company, Snap Inc, lost about $1.3 billion its stock market value, according to BBC.

She later put another tweet in response saying Snapchat’s still her “first love”.

According to the report, after Snap’s shares plunged down to 8 percent, they closed 6 percent down on Wall Street. At the time of writing, the company’s shares are back at $17.71 per share.

Snapchat’s recent overhaul of its service which grew to popularity for its disappearing photos feature, is apparently so disliked that users have signed a petition asking the company to roll back the older design. One million people have reportedly signed the petition, however, Snapchat is adamant on keeping the new design which, according to the company, gives the app a better chance in the long run. Meanwhile, Snapchat CEO Evan Spiegel acknowledged the universal dislike for the new redesign but maintained “it will take time for people to adjust”.

Snapchat which instantly became a hit among teens for its disappearing photos feature is currently threatened with services including Facebook, Instagram, and even WhatsApp. All of these come under Mark Zuckerberg‘s control, the Facebook CEO who once offered Spiegel an opportunity to sell his product. The rival services have borrowed all the features Snapchat first introduced in the world of social media messaging, and in turn, have become more profitable than Snapchat itself.

The company’s shares soared nearly 50 percent earlier this month over results which were slightly better than market expectations. As Snapchat aims to grow out of its unprofitable image, Jenner’s tweet surely has created another disturbance in the company’s efforts at having a less volatile future.

  • Published Date: February 23, 2018 8:18 PM IST