Kylie Jenner is potentially responsible for Snap losing $1.5 billion in market value
Not everyone could cause Snap to lose $1.5 billion in market value with a single tweet, but then again, not everyone is Kylie Jenner. The 20-year-old's declaration Wednesday that she does not open Snapchat anymore potentially caused a slide Thursday that found shares tumbling more than 7 percent, ZeroHedge reports, effectively erasing "most" of the social media company's "post-earnings climb."
Snapchat infuriated users with an update earlier this month, which prompted more than a million people to sign a petition called "Remove the new Snapchat update."
"While the recent redesign of [Snap's] flagship app could produce positive long-term benefits, [there is a] significant jump in negative app reviews since the redesign was pushed out a few weeks ago, which could result in a decline in users and user engagement, and could negatively impact financial results," Citigroup analysts Mark May and Hao Yan wrote, as reported by Markets Insider.
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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