Reality TV Star and Social Media Influencer Kylie Jenner has recently caused a market commotion after tweeting her thoughts about Snapchat which ultimately sank the shares of the social media company on Thursday’s trades. The twitter post had 368k in total engagement and has led a $1.3bn (£930m) or a roughly 6.1% decline during the said period.
The social media influencer expressed to her 24.5 million Twitter followers that she no longer uses the messaging app because of the recent interface update.
"sooo does anyone else not open Snapchat anymore? Or is it just me...ugh this is so sad." Jenner said.
Snapchat is a famous image messaging and multimedia mobile application. It has gained fame with is quirky features and different style of communication.
Jenner’s post is just one of the disapprovals that Snap is currently facing but hers impacted the market the most. The company is currently bombarded with a lot of criticism that rooted from the recently released update which changed the user interface of Snapchat.
According to the statistics of Change.org petition, the number of disappointed users reached beyond 12 million. The petition is aimed to remove the said update.
Investors used the Jenner’s power to reinforce the petition on the new design.
Furthermore, the company addressed the petition in a statement saying b"We hear you, and appreciate that you took the time to let us know how you feel. We completely understand the new Snapchat has felt uncomfortable for many.”
"By putting everything from your friends in one place, our goal was to make it easier to connect with the people you care about most.” the company added. “The new Friends page will adapt to you and get smarter over time, reflecting who you're most likely to be snapping with at that moment."
"Still love you tho snap," Jenner followed up in a later tweet.
In a much rather detailed analysis, the shares of Snap Inc. declined further in its recent trades. The exact figures of decline are -6.06 in percentage value which is a -1.13 decline from the previous session. It finished trades at 17.53 with a high of 18.53 and a low of 17.05.
Despite being high in its Coppock curve indication, Snap signaled a sharp curve which would recommend a sell for the company. It is currently at 75.89 at the time being.
FSM News is a daily updated news website about the happenings in the stock market, financial realms and the world economy. Subscribe to further educate yourself about the field that you are to partake in. FSMNews is here for you.