Kylie Jenner: Snapchat is "so sad"
Kylie Jenner used Twitter (TWTR) to wipe $1.3 billion off the market value of Snapchat-parent Snap (SNAP). The social media company's shares fell as much as 7,2 percent Thursday after the reality TV star posted a tweet to her 24.5 million followers effectively declaring Snapchat over. "[S]ooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," she wrote.
The negative review from the member of the Kardashian-Jenner clan, who is half-sister to Kim, Khloe and Kourtney Kardashian, compounds what has been a rocky few weeks for SNAP. Some users have panned the app's recent new design, with Wall analysts downgrading the stock and citing negative user engagement trends.
Possibly hurting the brand further was word that Snap CEO Evan Spiegel could soon be among the highest compensated execs in the nation. After Snap's IPO in March 2017, Spiegel got a $636.6 million stock grant payable through 2020.
The damage seemed to have been done, as a later tweet from Jenner dialing back her earlier tweet didn't seem to help its shares.
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