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Snapchat Stock Loses $1.3 Billion After Kylie Jenner Tweet

Kylie Jenner is not happy about Snapchat’s new redesign.

Snap (SNAP) stock closed down 6% on Thursday after the reality TV star said she is no longer using the app.

The plunge wiped about $1.3 billion off the company’s market value.

Jenner has been one of Snapchat’s most influential users.

“Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” Jenner tweeted on Wednesday.

In another tweet she said, “Still love you tho snap … my first love.”

Jenner wields extraordinary influence on the platform. Her celebrity adds fuel to the backlash surrounding the app’s major redesign, according to Daniel Ives, chief strategy officer and head of technology research at GBH Insights.

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“We believe this is an overreaction as Wall Street is hypersensitive to the app redesign,” he told CNN. “With roughly 25 million followers, [Jenner] carries a loud mouthpiece that speaks to today’s knee jerk reaction in shares.”

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