Facebook Share Price Rise Following Kylie Jenner Snapchat Tweet

With great power comes responsibility and all that, so when reality star Kylie Jenner tweeted to say she doesn't open Snapchat anymore, it's share prices were reported to have dropped an eye-watering $1.3billion (£1bn) shortly later.

However, while it was a rough day for Snapchat, rivals Facebook - which also owns Instagram - saw its market value rising.

According to TMZ, on 21 February (the day Kylie tweeted) it was worth $516.83bn, rising to $519.97bn on the 22 and them bumping up to $532.86bn on the 23 February.

Who would think a couple of tweets from Kim Kardashian's kid sister could cause so much trouble? The tweet in question has gained 347,000 likes since she posted. And a quick follow up tweet saying she 'still loves' Snapchat and called it her 'first love' appear to have done little to stop the price tumbling.

Kylie probably never meant for any of this to happen and was most likely just reacting to the new Snapchat update, which has got a lot of people angry in recent weeks - a petition to Snap Inc to remove the update currently has 1,240,366 signatures and is growing by the seconds.

But Chief Executive Evan Spiegel speaking at the Goldman Sachs Internet & Technology Conference last week, announced the revamp was here to stay.

He said: "The complaints we're seeing reinforce the philosophy. Even the frustrations we're seeing really validate those changes.

"It'll take time for people to adjust, but for me, using it for a couple months, I feel way more attached to the service."

And just as you get your head around the new update, it looks like the company will be carrying out some more changes, with a recent statement saying: "This new foundation is just the beginning, and we will always listen closely to find new ways to make the service better for everyone. We are grateful for your enthusiasm and creativity. We are very excited for what's ahead."

Something to look forward to, eh?

Source: TMZ

Featured Image Credit: PA

Claire Reid

Claire Reid is a journalist at LADbible. Claire graduated from Liverpool John Moores University with a BA in journalism. She’s previously worked at Trinity Mirror. Since joining LADbible, Claire has worked on pieces for the UOKM8? mental health campaign, the Yemen crisis, life in the Calais Jungle as well as a profile of a man who is turning himself into a cyborg.

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