Here’s something for you the meditate on: you will never possess the awesome economic power of a single Kylie Jenner tweet. This simple dictum was proved yet again last night, after Snap‘s stock plummeted following a tweet from Kylie about how she barely opens Snapchat any more.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Of course, there could be myriad other factors influencing a selloff of Snap stock – but it is a little odd that the value of the company dropped by as much as 7.2 percent following Jenner’s tweet. For the record, that’s about AU$1.6 billion.
Bloomberg notes that Wall Street investors have cooled on Snapchat of late after general user dissatisfaction with the app’s redesign and general engagement trends:
Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a “significant jump” in negative reviews of the app’s redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
“Still love you tho snap,” Jenner tweeted later, possibly after receiving 900 missed phone calls from panicking Snap executives. “My first love.”Image: Getty Images