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Snapchat lost €1 billion in value just after Kylie Jenner tweeted she doesn't use it anymore

Anyone who says the Kardashian/Jenner clan has got no influence on the various social media platforms seems to have lost touch with the world.

Social media platform, Snapchat just lost a whooping sum of $1.3 billion (€1 billion) after Kylie Jenner tweeted that she no longer uses Snapchat.

The Keeping Up With The Kardashians star said it to her 24.5 million Twitter followers and this resulted into $1.3 billion (€1 billion) been wiped off Snapchat  value yesterday, just after Kylie Jenner tweeted that she was no longer uses its app.

The Keeping Up With The Kardashians star had tweeted:

 “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

The popular app has recently undergone a redesign which angered so many of its users. A petition to change it back to its previous edition has got well over one million signatures.

The shares at Snapchat further dropped after Jenner tweeted this message to her 24.5 million Twitter followers.

Dropping initially almost 8%, shares recovered to just a 6% drop on Wall Street wiping out over a billion dollars in its value.

Jenner has huge base of followers on her various social media platforms, including Twitter and Instagram. Snapchat faces huge competition from Instagram in terms of celebrity following.

The entrepreneur and new mom later followed up with a tweet saying “still love you tho snap… my first love”.

This drop in value came almost at the same time when the news that Snapchat’s co-founder and chief executive officer, Evan Spiegel earned $638 million (€518 million) last year, the vast majority of this through stocks in the company, Bloomberg reported.

Earlier this month, commenting on the backlash to changes with the Snapchat app, the company said that “updates as big as this one can take a little getting used to, but we hope the community will enjoy it once they settle in”.


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