On Wednesday afternoon, Kylie Jenner, famous for having a few half-siblings that were famous no conceivable reason, tweeted that she never opened Snapchat anymore.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
A day later, Jenner’s tweet seemingly had a massive impact on the stock of Snap Inc, the parent company of Snapchat. After starting the day trading at $18.48 a share, Snap fell all the way down to $17.50 a share at the close of business on Wednesday. That’s a drop of 6.09%, somewhere around $1 billion of value.
It actually could have been worse – the stock bottomed out at $17.05 before rebounding.
This week, the stock was also downgraded to sell following plenty of bad reviews for the app’s new design.
Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a “significant jump” in negative reviews of the app’s redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
Snapchat’s new update is getting roundly slammed by users, which even resulted in a Change.org petition signed by more than 1.2 million people. But who would have imagined that instead of that petition or the redesign, it was instead a tweet from Kylie Jenner that did the most damage to Snap?
At least Snap can’t blame Jenner for the failure of their Spectacles in the market.