Technology

Kylie Jenner Tweet Sends Snapchat Shares Tumbling

Snapchat’s adjustments to its new format are continuing to have difficulties following a loss of over $1 billion in the company’s stock over the last few days.

The app garnered huge backlash from its users when it this month redesigned its approach to the platform’s “Stories” and “Discover” features.

Social media has been awash with protests, petitions and calls for the social media app to revert to how it was before the update.

The company behind the app has not had the easiest few days, and a recent tweet has not made things any easier for them.

Shares in Snap Inc., the image messaging brand’s parent company, tumbled 6% in recent days following a tweet from the multi-millionaire influencer Kylie Jenner.

 

The 20 year-old’s message “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad”, may just be the straw that broke the camel’s back in an awful week for the company’s financial prospects.

The 6% drop represents an overall loss of between $1.3bn and $1.6bn in the value of Snap Inc.

The app went public in March 2017 and has since struggled to generate profits as it continually loses users to Instagram and Facebook Messenger, both of which have implemented their own Stories features.

A change.org petition was started in protest following the app’s redesign and has since collected more than 1.2 million signatures.

Nic Rumsey, the creator of the petition, stated that “There is a general level of annoyance among users … many ‘new features’ are useless or defeats (sic) the original purposes Snapchat has had for the past years.”

Snapchat has responded to the petition, hinting that it may modify the new features to make stories easier to find.

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