Kylie Jenner’s story is a clear indication that celebrities are major influencers for social media applications as their followers religiously accept information from them wholly.
Jenner’s complain about the inefficiency of trendy social media app, Snapchat, caused a sudden crash on their market value.
Snapchat shares lost $1.3 billion on Thursday after Jenner tweeted to her 24.5 million Twitter followers that she was no longer satisfied with the app’s redesign.
At the close of trading on Wednesday, Snapchat’s shares dropped by six percent and traded at $17; it’s price when it was first floated on the stock market.
She posted on Twitter, “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”
The new mom later tweeted a follow-up: “still love you tho snap… my first love”.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
still love you tho snap … my first love
— Kylie Jenner (@KylieJenner) February 21, 2018
One million people signed a petition demanding Snap roll back the change.
After dropping almost 8%, shares in Snap closed 6% down on Wall Street, and are now back near the $17 price at which the shares were listed when the company floated on the stock market in March of last year.
Snapchat is facing intense competition from Facebook’s Instagram – especially for celebrity users – and Ms Jenner’s attack comes at a time when investors are already worried.
Even before Ms Jenner’s Tweet, shares had been sliding, BBC reports.
