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Snapchat’s Share Price Plummets Same Day As Rihanna Criticism

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Snapchat’s Share Price Plummets Same Day As Rihanna Criticism

People couldn't believe their eyes when it was revealed a simple, yet negative tweet from Kylie Jenner saw Snapchat lose around $1.3 billion (£1 billion) off its share price. It was a terrifying reminder of just how much influence celebrities have over different aspects of society.

While the social networking app managed to nearly regain its losses just after the start of March, it seems as though it's been hit hard again - this time by Rihanna.

Credit: NYSE
Credit: NYSE

The Barbados singer has made some choice words about Snapchat after it approved a horrifically tone-deaf advert of What Would You Rather.

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The game posted separate pictures of her and Chris Brown, asking users would they prefer to slap Rihanna or punch Chris.

Most will remember Brown being famously convicted of domestic violence offences against his then-girlfriend in 2009.

Credit: Snapchat
Credit: Snapchat

Rihanna has posted a message to her fans, on Instagram no less, saying: "Now SNAPCHAT I know you arealy know you ain't my fav app out there! But I'm just trying to figure out what the point was with this mess!"

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"I'd love to call it ignorance but I know you ain't that dumb. You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it.

"You let us down! Shame on you. Throw the whole app-oligy away."

Credit: Rihanna/Instagram
Credit: Rihanna/Instagram

The advert was quickly removed as criticism started circulating on social media, but it seems as though it's taken its toll on its share price. At the time of writing, Snap's value on the New York Stock Exhcnage had fallen 0.87 points or 4.88 percent.

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According to Bloomberg reporter Kim Bhasin this is the biggest drop in value the company has experienced since Kylie Jenner's tweet last month, which was around a 6 percent drop.

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Snap released a statement to BBC's Newsbeat saying: "The advert was reviewed and approved in error, as it violates our advertising guidelines. We immediately removed the ad last weekend, once we became aware.

"We are sorry that this happened.

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"The advert is in clear contravention to the company's review procedure, which prohibits any 'shocking, sensational, or disrespectful content' from being uploaded."

Featured Image Credit: PA

Topics: Instagram, Entertainment, Celebrity, News, Social Media, Rihanna, Snapchat, Technology, Chris Brown, Kylie Jenner

Stewart Perrie
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