Never underestimate the power of a Jenner-Kardashian!
Shares of the Snapchat parent company sank 6.1 percent on Thursday, wiping out €1.1 billion in market value, on the back of a tweet on Wednesday from Kylie Jenner, who said she doesn’t open the app anymore.
The testament from Jenner drew similar replies from her 24.5 million followers. Wall Street analysts too have begun to notice, citing recent user engagement trends noticed since the platform’s redesign.
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Over 1.2 million Snapchat users were rebuffed Wednesday as Snap Inc. officially affirmed its commitment to a contentious new app update introduced early this month.
In an official response on Change.org, where user Nic Rumsey posted a petition called "Remove the new Snapchat Update," the Snapchat team wrote that "we completely understand the new Snapchat has felt uncomfortable for many."
The statement said the app would "adapt" to each user and "get smart over time." It also introduced a coming update to the app it said would add tabs in both Friends and Discover to make it easier for users to sort through stories.
