Did Kylie Jenner Destroy Snapchat’s Stock?
While Snapchat has been dealing with the backlash from their recent update, they were hit with another blow this week.
Kylie Jenner declared that she doesn’t even open Snapchat, the social imaging app, any more and that was enough to get Snap’s stock price to tumble.
Kylie has 24.5 million Twitter followers so stating that Snapchat was over could have definitely caused the stock price to drop.
On Wednesday the Snap’s stock seemed to be on an upturn at $19.02. This was a bounce from the sad news that hit it’s stock on February 20th, when the company responded to a 1.2 million-signature Change.org petition telling the Snap, Inc. to return to the old design.
Following Kylie’s tweet asking if others had also gotten tired of using Snapchat at 4:50 ET, the price began to fall. While this may be just a coincidence the amount of market value lost was still $1.5 billion.
Kylie came back with a comment on how much she still loved Snapchat, but the damage caused by her initial tweet was already done.
We can’t be confident that Kylie’s tweets caused the fall in the stock price, but she is one of the most popular and influential users of Snapchat. And for her to declare the application was tired and over may be all that was needed for the downturn.