She’s one of the biggest stars and in the world and has just publically announced that she never opens Snapchat anymore.
But it turns out that reports claiming one tweet from Kylie Jenner crashed the valuation and stock price of the photo app have been greatly exaggerated.
Now, it’s hard to argue with the power of a Kardashian Klan superstar who undoubtedly has enough commercial clout to make or break a brand.
Yet it turns out there’s a much more boring explanation about why Snapchat’s value dropped by $1.5 billion overnight.
You can see Kylie’s tweets below. The first of them received 58,000 retweets and 308,000 likes.
still love you tho snap … my first love
— Kylie Jenner (@KylieJenner) February 21, 2018
The share price of Snap, the company which owns Snapchat, actually dropped by 3.7 percent after Citigroup downgraded its stock and gave it a ‘sell’ rating, arguing that anger and negativity about a recent update could encourage users to abandon it.
Analyst Mark May wrote: ‘While the recent redesign of its flagship app could produce positive long-term benefits, the significant jump in negative app reviews since the redesign was pushed out a few weeks could result in a decline in users and user engagement, which could negatively impact financial results.’
However, this is clearly nowhere near as interesting a story as a yarn about Kylie krashing the valuation of Snapchat.
More than one million people recently signed a petition calling for the Snapchat changes to be reversed.
MORE: ‘When will Snapchat go back to normal?’ Fury as update fails to reverse controversial changes
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