Share of Snapchat Inc, a social media platform, dropped by 8 percent in the US stock market after a reality TV star and entrepreneur Kylie Jenner, tweeted negatively about the company and its app. The company lost $1.3 billion in value at the US stock exchange.
Kylie Jenner, who has more than 24 million followers on Twitter tweeted, "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad." but also added in the tweet thread "still love you tho snap ... my first love".
According to a report by the BBC, the shares of the app fell to 8 percent and closed down by 6 percent at the end of the day. The price of per share is back to $17, a price at which the shares were listed at when the company initially joined the stock market in the US.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
still love you tho snap ... my first love — Kylie Jenner (@KylieJenner) February 21, 2018
Snapchat is facing criticism from its users after the company redesigned the app in November 2017. Up to one million app users signed a petition titled 'Remove the new Snapchat Update' on a petition gathering platform Change.org to reverse the update.
The company didn't agree to the demand but has promised to roll out an update that will change the 'Friends and Discover' section of the app.
A report also mentioned that the Snapchat CEO, Evan Spiegel gets the third-highest package among all the CEOs around the world. He received $637.8 million in 2017. His basic salary in 2017 was $98,078.