Snap's market value loses $1.7 billion after one tweet from Kylie Jenner - Sabi Tips

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Snap's market value loses $1.7 billion after one tweet from Kylie Jenner


Snap's flagship platform has lost some lustre, at least according to one social-media influencer in the Kardashian-Jenner clan.

The Snapchat parent's shares sank as much as 7.2 per cent on Thursday, wiping out $US1.3 billion ($1.7 billion) in market value, on the heels of a tweet from Kylie Jenner, who said she doesn't open the app anymore.

Whether it's the demands of her newfound motherhood, or the recent app redesign, the testament 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. 

Spiegel's big pay


Citigroup analyst Mark May downgraded the stock to sell from neutral 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.

Meanwhile, as the app takes criticism, chief executive Evan Spiegel may become one of the highest paid executives in the US. After the company's IPO last March, Spiegel got a $US636.6 million stock grant that will be payable through 2020.

"Still love you tho snap," Jenner hedged in a later tweet.


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