[UPDATE] February 28, 2018 08.59 a.m. EST: According to new data obtained by Fast Company, Kylie Jenner’s tweet did not cost Snapchat $1.3 billion. After the reality TV star asked her followers if they still use the social media app, reports originally suggested that Snapchat’s stocks fell as a consequence.
According to data from marketing intelligence SimilarWeb, Kylie Jenner’s tweet had minimal effect. A day before Jenner posted her tweet on February 22, Wall Street investors had downgraded Snapchat’s stocks from “neutral” to “sell,” citing changes in the app’s design as the reason.
Further marketing data from SimilarWeb shows that Snapchat maintained an install rate of 25 percent on all U.S. Android devices, and downloads actually increased from 32 percent on February 21 to 33 percent on February 24.
In the meantime, Kylie Jenner returned to Snapchat posting pictures and video of her cosmetics line as well as her newborn’s toes.
For more, check out the original report below.
Did a tweet by Kylie Jenner’s caused the value of Snapchat’s parent company, Snap Inc., to plummet by $1.3 billion? According to some, that may be the case.
Referencing Snapchat’s controversial new redesign, Jenner tweeted, “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”
Hours afterward, stock in Snap dropped by almost eight percent, before leveling off at six percent by the time the market closed. Jenner then sent a follow-up tweet, writing, “still love you tho snap … my first love.” Jenner then retweeted a fan who asked for the company to bring back the old design.
In response to criticism, Snap Inc. released a statement: “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.”
The company then reassured fans that the design would get easier to use over time: “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 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.”
In other tech news, Apple’s iOS 11.2.6 update inadvertently removes one essential feature.
- Main & Featured Image: @kyliejenner / Instagram