Article Image
News Link • Business/ Commerce

In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap's Market Value

• https://www.bloomberg.com, By Justina Vasquez

The Snapchat parent's shares sank as much as 7.2 percent Thursday, wiping out $1.3 billion in market value, on the heels of a tweet from Kylie Jenner, who said she doesn't open the app anymore. Whether it's the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too, have begun to notice, citing recent user engagement trends noticed since the platform's redesign. 

Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a "significant jump" in negative reviews of the app's redesign. He expects the reviews could cause user engagement to fall, hurting financial results.

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


GoldMoney