Snapchat’s parent company Snap (NYSE:SNAP) lost $1.3 billion – roughly 6 percent – in stock market value on February 22 after reality TV star Kylie Jenner tweeted to her 24.5 million followers on February 21 that she no longer used the instant messaging app. Snap’s stock opened at $18.63 but took an 8 percent tumble by 14:00 ET before rallying and closing at $17.50.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
Over the past few weeks, users have strongly criticized the instant messaging company for an update to the app’s layout they say makes it harder to use. Over a million people signed a petition urging the company to switch back to its earlier design.
The plunge in Snap stocks also reflects investors’ concerns over the intense competition the company faces from the likes of Facebook’s (NASDAQ: FB) Instagram. Meanwhile, Snap CEO and founder Evan Spiegel had a total pay of $637.8 million last year.
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