Kylie Jenner tweets plummet Snapchat shares by $1.3bn!

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.

Kylie Jenner took to twitter to say:

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

— Kylie Jenner (@KylieJenner) February 21, 2018

Snap’s shares sank after Jenner’s tweet about Snapchat’s re-design to her 24.5 million Twitter followers.

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.

Ms Jenner later tweeted a follow-up: “still love you tho snap… my first love”.

still love you tho snap ... my first love

— Kylie Jenner (@KylieJenner) February 21, 2018

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.

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.

Source: BBC