Snapchat stock loses $1.3 billion after Kylie Jenner tweet

Kylie Jenner is not happy about Snapchat's new ...

Posted: Feb 23, 2018 10:51 AM
Updated: Feb 23, 2018 10:51 AM

Kylie Jenner is not happy about Snapchat's new redesign.

Snap stock closed down 6% on Thursday after the reality TV star said she is no longer using the app. The plunge wiped about $1.3 billion off the company's market value.

Jenner has been one of Snapchat's most influential users.

"Sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," Jenner tweeted on Wednesday.

In another tweet she said, "Still love you tho snap ... my first love."

Related: Snapchat responds to users critical of redesign: 'We hear you'

Snapchat has been under fire from users who have criticized the app's new layout for being too confusing to navigate. Over 1.2 million people have signed a petition on Change.org asking Snapchat to remove the redesign.

Snap did not respond to a request for comment.

Jenner wields extraordinary influence on the platform. Her celebrity adds fuel to the backlash surrounding the app's major redesign, according to Daniel Ives, chief strategy officer and head of technology research at GBH Insights.

"We believe this is an overreaction as Wall Street is hypersensitive to the app redesign," he told CNN. "With roughly 25 million followers, [Jenner] carries a loud mouthpiece that speaks to today's knee jerk reaction in shares."

Ives believes the update was necessary to expand Snapchat's user base. He said the previous app design was confusing, and the format shunned older users and advertisers.

"Snap is doing the right strategic moves but needs to manage this process well," he said.

Related: Snapchat faces backlash after app redesign

Earlier this week, Snapchat announced an update aimed at making it easier for users to view content they want to see.

"We hear you, and appreciate that you took the time to let us know how you feel. We completely understand the new Snapchat has felt uncomfortable for many," the company wrote on Change.org, in response to the petition.

Snapchat said it will soon roll out tabs in the app's Friends and Discover sections to make it easier for users to find Stories, which are photos and videos shared by users that disappear after 24 hours.

Jenner isn't the only celebrity who has been vocal about disliking the redesign.

Earlier this month, model Chrissy Teigen tweeted: "How many people have to hate an update for it to be reconsidered?"

-- Daniel Shane contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 16560

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CountyConfirmedDeaths
Hinds107426
Madison76728
Lauderdale75968
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Jones70133
Scott66312
Forrest59539
DeSoto57510
Rankin4569
Leake45212
Holmes44330
Copiah3294
Jackson31415
Attala31118
Yazoo2964
Newton2884
Lincoln28031
Leflore27736
Oktibbeha27314
Harrison2697
Monroe26925
Wayne2623
Lamar2505
Lowndes2479
Pearl River21231
Pike20411
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Washington1987
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Jasper1674
Clarke15619
Smith15511
Kemper15511
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Clay1254
Winston1241
Carroll11911
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Claiborne1155
Lawrence1071
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Perry513
Choctaw502
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Jefferson421
Tishomingo360
Greene331
Stone320
Quitman320
Tallahatchie301
George292
Franklin292
Alcorn191
Benton140
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 18766

Reported Deaths: 651
CountyConfirmedDeaths
Mobile2321118
Jefferson1901104
Montgomery185843
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Marshall7089
Franklin5858
Lee56234
Shelby52819
Tallapoosa43466
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Morgan3021
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Lowndes26512
Etowah26312
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Sumter2287
Houston2265
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Marengo1756
Lauderdale1722
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Wilcox1577
Choctaw15310
Cullman1521
Clarke1492
St. Clair1351
Randolph1287
Dale1240
Marion12411
Pickens1205
Talladega1195
Limestone1080
Chilton1071
Greene954
Macon934
Winston910
Jackson833
Covington821
Henry822
Crenshaw783
Bibb761
Escambia753
Washington736
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