Snapchat loses $1.3 billion in stocks following Kylie Jenner tweet

Bloomberg’s Taylor Riggs reports on Snap Inc

The massive stock drop report comes just a day after the 20-year-old Keeping Up With The Kardashians star Kylie Jenner announced that she was not open the app or it was over.

"Then once, I just chose to try Instagram stories, just on a whim, so I just posted one or two things over there and boom, 400,000 people instantly saw it without me telling anyone about it".

Meanwhile, a petition on calling on Snapchat to abort the redesign has gathered more than 1.2 million signatures, signalling that folks are not quite ready to jump ship just yet.

Too little, too late and, honestly, perhaps it's for the best. But those meager rewards encourage people to check into social media more frequently, driving viewership and ad sales.

However, business analysts pointed out that there was another significant factor at work behind the plummet in Snapchat shares.

Snapchat is hardly the first internet company to clash with users, even prominent ones, over a major new feature or redesign. He promised that it would come with a more user-friendly design, but since rolling it out, users are less than enthused.

After a bumpy start to 2018, Snap short sellers are now back in familiar territory-making profits off of Snap's falling share price. While the influence of Jenner and her ilk is undeniable, a more fair assessment of the value drop would be to acknowledge the generalised negativity around the update from such a vast amount of Snapchat users. I used to feel like this celebrity was my friend, and now they don't feel like my friend anymore.' And we're like, 'Exactly.

In a response to the recent petition, Snap Inc CEO Evan Spiegel made a statement saying: "We hear you, and appreciate that you took the time to let us understand how you feel".

Snapchat also said they will listen closely to find new ways for the service to improve. Jenner alone has 24.5 million Twitter followers and 104 million Instagram followers. Company executives say the update was meant to streamline the app amid slowing user growth, which has weighed on earnings in recent months. "This one is the longest I've seen, so that doesn't bode well for Snapchat".

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