Did Kylie Jenner Make Snapchat lose $1.3 Billion?!
Shares of Snapchat's parent company fell 6.1% yesterday, reportedly wiping out $1.3 billion in market value! And some people are blaming that on a tweet Kylie Jenner sent out on Wednesday.
Kylie recently took to Twitter and addressed her 24.5 million followers with a tweet that seemed to be talking about Snapchat's recent redesign, which has been very unpopular with users.
I wonder if someone from Snapchat got with her, or maybe her publicist instructed her to go into damage control, because she tweeted this 10 minutes after the original message:
In addition to Kylie and the unpopular new look, another possible reason for the stock drop was the recent news that CEO Evan Spiegel got a $637 million bonus last year, the third-highest payout ever received by a CEO.
Snapchat has been swamped with criticism over their redesign for weeks, and the day before Kylie's tweet, the company tried to do damage control, by insisting that they'd be making changes to fix the problems.