A Single Tweet From Kylie Jenner Wiped $1.5 Billion Off Snapchat’s Share Price
It's sometimes hard to grasp how much impact celebrities have on the world.
While people might moan and groan about the Kardashian-Jenner clan and whether they deserve to be called 'famous', there's no denying they are powerful. But how do you measure that power?
Well, have a look at what happened when Kylie Jenner posted a negative tweet about Snapchat.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
- Kylie Jenner (@KylieJenner) February 21, 2018
People have been complaining about the app for weeks after an update changed the layout, yet its share price seemed to hold steady. It even rose last week to a near 2018 peak.
However, Ms Jenner simply wrote: "sooo does anyone else not open Snapchat anymore? Or is it just me...ugh this is so sad."
Then all hell broke loose.
Reuters Tech reports Snapchat's share price plummeted seven percent after the tweet, which roughly equates to a whopping $1.5 billion (£1.07 billion) being wiped off the company's value. Take a second to grasp that figure for a second.
A petition, with more than 1.2 million signatures, fails to move the needle much, yet a tweet consisting of less than 20 words wreaks havoc on the global tech business.
Kylie tried to fix the situation with a follow-up tweet saying: "still love you tho snap...my first love," but the damage had been done.
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It seems as though that impact has bottomed out and the share price has recovered ever so slightly, but it's representative of how volatile the company is at the moment.
Chief Executive Evan Spiegel tried to cool the flames at the Goldman Sachs Internet & Technology Conference last week, but his defence of the new update wasn't what people wanted to hear.
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."
Essentially, it was him telling everyone to suck it up because the update is here to stay.
The upgrade was meant to make the app easier to use and navigate between friends and publishers, something that other social media sites like Facebook and Twitter are looking into.
And if you don't like the new Snapchat? Well, it looks like it's going to keep on changing, with an updated 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."
Enthusiasm isn't exactly what I would call 1.2 million angry signatures on a petition, but who knows, maybe the updates to come will be better?
Featured Image Credit: PA
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