Categories LATEST, Technology, U.S. Markets News

Kylie Jenner erased $1 billion from Snap Inc stock value with one tweet

2018, just like its immediate predecessor, has been at its amusing best when it comes to celebrities.

And in the second month itself, we have yet another marvel — that too from the Kardashian clan.

Kylie Jenner, the supermodel and youth icon, sent the stock of Snapchat maker Snap Inc spiraling after a tweet.
Constructively worded with the choicest of punctuation, the tweet went, “Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

The tweet, which took its place in the feed of more than 24.5 million followers, was retweeted over 70,000 times and liked by over 360,000 users.

The shares of Snap Inc slid by 8% on Friday, wiping a good billion dollars in share value

If anyone ever told you that celebrities have no impact on consequential events, what happened next will help you reconsider.

The Kardashian icon’s tweet came as a response to Snapchat’s much-criticised app overhaul, an update that came to be in early February. There is even a Change.org campaign with over a million signatures to rollback the change to the app.

The shares of Snap Inc slid by 8% on Friday, wiping a good billion dollars in share value.
Even though Jenner backed it with a tweet to reassure that Snapchat will always be her “first love,” the damage was done.

Well, I guess the new companies should take stock of how to deal with celebrities with such clout in the future, especially making sure not to get on their wrong side.

With disappointing results, the company has been looking sore for some time now. A week ago, nearly a year after Snap Inc went public, CEO and co-founder Evan Spiegel sold 2.68 million shares of the company, accounting for just above 1% of his total shareholding. The transaction, performed as per a pre-arranged sales plan, fetched him $18.71 per share.

Most Popular

GameStop (GME) Earnings: Q1 loss narrows on 25% sales growth

Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first

Should you invest in Steel Dynamics (STLD) stock after 78% rally?

The steel industry managed to shrug off the pandemic blues earlier than expected as the recovery in industrial activity pushed up demand. With the vaccination drive and the government’s aggressive

Campbell Soup (CPB) Q3 Earnings: Key financials and quarterly highlights

Campbell Soup Company (NYSE: CPB) reported third-quarter 2021 earnings results today. Net sales decreased 11% year-over-year to $1.98 billion, as a result of lapping the demand surge at the onset

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top