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Snap Loses $1.5 Billion in Market Value After Jenner Tweet

Snap lost about $1.5 billion in market value on Thursday (February 22), following Kylie Jenner’s tweet criticizing a Snapchat redesign.

“sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” Jenner posted to her Twitter account on Wednesday (February 21).

Shares of Snap dropped more than 6 percent Thursday morning, leading many analysts to believe it was due to Jenner’s post.

Earlier this week, Snap responded to a Change.org petition that sought a reversal of the messaging app’s latest redesign.

The company promised to roll out a new update in the coming weeks that will bring some changes to the ‘Friends and Discover’ section in the app.

Credit: Reuters