Snap shares tumble 8pc following Kylie Jenner tweet

by Dwayne Torres February 25, 2018, 1:24
Snap shares tumble 8pc following Kylie Jenner tweet

"I've always been sceptical of Snap because I think it's very hard for them to monetise", she said on the "Trading Nation" segment of "Power Lunch" on Thursday.

Take a look at the video to see Kylie Jenner's pregnancy and all the huge secrets celebs kept from us.

So why isn't Kylie a fan of Snapchat anymore? "Or is it just me... ugh this is so sad", the reality star wrote. Shortly after, shares in Snapchat parent company Snap fell as much as 8.5 percent, with the SNAP stock closing down by a harrowing 6 percent at the end of Thursday.

Jenner, a member of the insanely popular Kardashian family, tweeted to her 24.5 million followers on Wednesday afternoon that she was no longer opening Snapchat.

A petition garnered 1.2 million online signatures and even a response from the company that in essence said that the redesign was here to stay.

On Tuesday, parent company Snap (SNAP) announced a new update meant to make it easier for users to view content they want to see.

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"We hear you, and appreciate that you took the time to let us know how you feel".

A more direct trigger for the stock crash, though, is a stock downgrade of the company from "neutral" to "sell" by Citigroup analyst Mark May on Tuesday, following weeks of negative reviews from Snapchat users regarding the app's update.

Snapchat also said the update will make it easier for users to "further customize your own experience on the app".

So while Kylie Jenner's tweet may have caused Snap, Inc. stockholders to start selling off their shares, dropping the stock prices, it's not really Kylie's fault.

Snap responded to the petition and said: "We completely understand the new Snapchat has felt uncomfortable for many", the company said. That's also the question that put an end to Snap's financial growth.

Did Kylie Jenner cost Snapchat $1 billion? Snapchat certainly changed the game for social media, making real-time and candid updates from users throughout their days a newly necessary part of being a 21st-century human.

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