One Tweet From Kylie Jenner Sent Snap’s Stock Into A Tailspin
It’s no secret, the world is upset with Snapchat over their most recent update. Millions of Snapchat users were happy with the way the app functioned, friends swipe to the left, stories swipe to the right and to create, stay in the middle. An update a few weeks back incorporated friends stories with friendly chats. When the update rolled out millions took to other social media outlets to express their displeasure with the way the app had changed.
Snapchat founder Evan Spiegel, who had just become $637 million dollars richer, didn’t seem to give AF. At first the messaging out of Snap’s world headquarters is that users would get used to it. That didn’t stop over 1 million SnapChat users from signing a change.org petition asking for the update to be rolled back (that’s not really what change.org is for but I digress).
Snap succumbed to the pressure, albeit just a little bit, and announced earlier this week that they would issue an update that would hopefully appease the masses. This new update allows users to subscribe to their friends stories on the right pane which has been all about discovery since the last update. Despite Snap constantly reminding everyone that they are a messaging/communications app, discovery seems to be very important to them. Discovery, in many eyes, is much more social than it is communicative.
Even that wasn’t good enough for media darling Kylie Jenner who announced that she was no longer using SnapChat. Jenner, one of the most popular snappers in the world took to Twitter on Wednesday afternoon at 4:50pm to ask a loaded question: “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.” The Hustle reports. Basically confirming that she has all but left the yellow communication/messaging/social discovery app.
While no company wants to lose a brand name user, Snap’s shareholders responded to Jenner’s tweet by sending the stock into a brief, but noticeable tailspin. The end result, a drop in market share of over $1.3 billion (with a B) dollars.
Back in 2016 Jennfer was Snap’s most watched user, by a lot. Wall Street took notice. Someone must have blown up Jenner’s phone because the reality star posted 11 minutes later saying: “still love you tho snap … my first love” but the damage was already done.