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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: 111322

Reported Deaths: 3202
CountyConfirmedDeaths
Hinds7751171
DeSoto663677
Harrison481181
Jackson431978
Rankin380886
Madison371792
Lee341379
Forrest295177
Jones283182
Washington251497
Lafayette241742
Lauderdale2344130
Lamar214938
Bolivar198075
Oktibbeha194654
Neshoba1806111
Lowndes173962
Panola165136
Leflore160086
Sunflower157449
Warren152154
Monroe144872
Pontotoc143519
Pike136455
Lincoln134854
Copiah134636
Marshall132626
Scott123229
Coahoma123136
Grenada120137
Simpson118148
Yazoo117233
Union113925
Holmes113260
Tate112739
Leake112239
Itawamba109024
Pearl River108256
Adams104342
Prentiss101619
Wayne98521
Alcorn95512
George93517
Marion93242
Covington91625
Tippah85120
Newton84227
Chickasaw82024
Tallahatchie81825
Winston81521
Tishomingo79040
Hancock76927
Attala76525
Clarke71448
Clay67221
Jasper66616
Walthall63327
Calhoun60912
Noxubee59516
Smith58116
Claiborne53216
Montgomery52723
Tunica51817
Lawrence49514
Yalobusha48414
Perry48022
Carroll46012
Greene45317
Stone45014
Amite41513
Quitman4136
Humphreys39916
Jefferson Davis39411
Webster36513
Wilkinson32920
Kemper31815
Benton3054
Sharkey27714
Jefferson26310
Franklin2303
Choctaw2036
Issaquena1063
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Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22400372
Mobile14282314
Tuscaloosa9983132
Montgomery9691196
Madison899992
Shelby703560
Lee643966
Baldwin637567
Marshall426748
Calhoun410259
Etowah402049
Morgan394532
Houston363132
DeKalb316727
Elmore309552
St. Clair279742
Limestone269227
Walker268092
Talladega255034
Cullman225823
Lauderdale206340
Autauga199928
Franklin199131
Jackson199114
Colbert190627
Russell19023
Dallas185227
Blount183823
Chilton180531
Escambia170928
Covington164729
Coffee16409
Dale162551
Pike130212
Chambers127343
Tallapoosa127286
Clarke126716
Marion104229
Butler99840
Barbour9819
Marengo96721
Winston89913
Geneva8337
Pickens80317
Randolph79514
Lawrence79230
Bibb78913
Hale74529
Cherokee71514
Clay70712
Lowndes69927
Bullock63517
Henry6316
Monroe6279
Washington62112
Crenshaw59030
Perry5796
Wilcox55712
Conecuh55413
Fayette54712
Macon52919
Cleburne5247
Sumter46421
Lamar4575
Choctaw38612
Greene33316
Coosa1963
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