Kylie Jenner sends Snapchat stock falling with a single tweet

Oh Snap!

Snapchat’s stock took a nosedive Thursday — after Kylie Jenner announced she’s stopped using the app.

The stock fell 8.4 percent — or around $1.6 billion in market value — following the news that one of its most influential users just isn’t feeling the image-sharing program anymore, according to the Financial Times.

“Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” Jenner tweeted to her 24.5 million Twitter followers Wednesday.

She then added: “still love you tho snap … my first love.”

Her comments follow an unpopular redesign of the Snapchat interface, which has inspired more than 1.2 million users to sign a petition demanding it go “back to basics.”

Experts say both are behind the stock’s fall.

“We believe this is an overreaction as Wall Street is hypersensitive to the app redesign,” Daniel Ives, chief strategy officer and head of technology research at GBH Insight, told CNN. “With roughly 25 million followers, [Jenner] carries a loud mouthpiece that speaks to today’s knee-jerk reaction in shares.”

Source: https://nypost.com/2018/02/22/kylie-jenner-sends-snapchat-stock-falling-with-a-single-tweet/

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