Kylie Jenner Wiped Out $1.3 Billion of Snap's Market Value With a Tweet

Snap Inc.’s main platform has lost some luster, according to one of the bigger influencers in the Kardashian-Jenner clan. The Snapchat parent’s shares sank as much as 7.2 percent on Thursday, wiping out $1.3 billion in market value, after Kylie Jenner said she doesn’t open the app anymore. Whether it is because she is a new mother, or because the app was recently redesigned, she doesn’t use it, and the tweet drew similar replies from her 24.5 million followers. According to Bloomberg, Wall Street analysts have also noticed, citing recent user trends noticed since the platform’s redesign.

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

— Kylie Jenner (@KylieJenner) February 21, 2018

Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after he saw a “significant jump” in negative reviews of the app’s redesign. He thinks that the reviews could cause user engagement to fall, therefore hurting financial results. Despite the criticism, Chief Executive Evan Spiegel may become one of the highest paid executives in the U.S. After the company’s IPO last March, Spiegel got a $636.6 million stock grant that will be payable through 2020, according to Bloomberg.