Kylie Jenner tweets. Snapchat shares plummet by $1.3bn!

Celebrity tweeted she was not going to use app again

Reality TV star Kylie Jenner wiped $1.3bn off Snap’s stock market value after tweeting that she no longer used its Snapchat messaging app.
Celebrity Kim Kardashian’s half-sister posted: “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”
Snap’s shares sank after Ms Jenner’s tweet about Snapchat’s re-design to her 24.5 million Twitter followers.

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One million people signed a petition demanding Snap roll back the change.
After dropping almost 8%, shares in Snap closed 6% down on Wall Street, and are now back near the $17 price at which the shares were listed when the company floated on the stock market in March of last year.

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Snapchat is facing intense competition from Facebook’s Instagram – especially for celebrity users – and Ms Jenner’s attack comes at a time when investors are already worried.
Ms Jenner later tweeted a follow-up: “still love you tho snap… my first love”.
Snap has rejected complaints about November’s re-design to its messaging app, with its boss Evan Spiegel saying earlier this month that users just needed time to get used to it.

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Mr Spiegel had something to soften the blow, though, with news on Thursday that his total pay last year was a staggering $637.8m.
It is thought to be the third-highest annual package ever received by a company’s chief executive.
Kylie Jenner is not the first celebrity to move markets.
In October 2015 The TV host Oprah Winfrey bought a 10% stake in Weight Watchers, endorsing the firm publically at the same time.
Investors saw their shares rise by 92% over successive weeks.

read more at BBC