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February 22, 2018
Snap loses $1.5 billion in market value after Jenner tweet
Raymond Liu
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Snap lost about $1.5 billion in market value on Feb. 22.
The drop happened a day after Kylie Jenner criticized Snapchat’s redesign.
[“sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," Jenner posted to her Twitter account on Wednesday (February 21).]
Shares of Snap dropped more than 6% the morning after Jenner’s post. This lead many analysts to believe the two were connected.
Earlier this week, Snap responded to a Change.org petition calling for a reversal of Snapchat’s latest redesign.
Snap promised an update in the coming weeks to the 'Friends and Discover' section of the app.
Credit: Reuters
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