Kylie Jenner's Tweet Wipes More Than $1 Billion From Snapchat's Value

24 February, 2018, 10:16 | Author: Kristine Mills
  • Kylie Jenner on Twitter:

Yes, you read that title correctly.

The company's value recovered slightly by the end of the day, but still closed 6% down on the start of the day, wiping approximately $1.3 billion.

Kylie Jenner complained about Snapchat's update to her 24 million fans on Twitter. Or is it just me... "Or is it just me...ugh this is so sad", she wrote to her almost 25 million followers.

A representative for Maybelline, which joined Snapchat in 2015, did not immediately respond to a request for comment.

Jenner is far from the first person to criticize the social network after it began rolling out its redesigned app over the past few weeks. He promised that it would come with a more user-friendly design, but since rolling it out, users are less than enthused.

According to the statistics of Change.org petition, the number of disappointed users reached beyond 12 million. The reality star turned makeup mogul was one of the many people to voice frustration with Snapchat's new update.

Once a staple of every person's social media arsenal, Snapchat is now struggling to continue to keep up with changing trends in our everyday use. She notes that her use of the app has been sparse lately.

More news: Electric auto market jumpstarts cobalt prices

The redesign of the app saw Snapchat move away from its previous split between "messages" and "stories", the social media convention invented by the company but usurped by Facebook's Instagram. It also apparently pumps significantly more promoted posts into user's feeds.

That fundamental misunderstanding seems to hint at the fact that Snap doesn't know its users as well as it thinks it does.

Snapchat earlier this month introduced a redesign Snapchat for its users.

Snap shares failed to make significant ground as Wall Street trading kicked off this afternoon.

But it isn't just Snapchat's celebrity users and investors who have expressed frustration with the new direction the app has taken.

The CEO, who was recently awarded a stock-based award worth $637 million past year, also ruled out the possibility of reverting to the previous version.

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