Stock traders have discovered a startling secret: the market rises and falls according to the whims of the Kardashian family.
Shares of the Snapchat Inc. saw the value of their shares go down 6.1 percent on Thursday, fueled in part by a tweet from reality TV personality Kylie Jenner, who remarked that she no longer regularly uses the social media app, Bloomberg reports.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
“Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.” Jenner wrote on Wednesday.
The drop amounted to a $1.3 billion loss in value for Snapchat, which recently faced criticism after CEO Evan Spiegel received a $636.6 million stock grant payable through 2020–despite the fact that the company is yet to be profitable.
A recent redesign has also been cited as a factor in Snapchat’s decline. According to CNBC, Citigroup analyst Mark May wrote Tuesday:
“While the recent redesign of its flagship app could produce positive long-term benefits, the significant jump in negative app reviews since the redesign was pushed out a few weeks could result in a decline in users and user engagement, which could negatively impact financial results.”
Jenner, who gave birth to a baby daughter earlier this month, later tweeted that she “still love[s]” Snapchat.
still love you tho snap … my first love
— Kylie Jenner (@KylieJenner) February 21, 2018
Her tweets prompted replies from other users who said they no longer use the app as frequently.
Yeah I don’t even open it anymore :( and I had just followed you. I use Insta tho!
— tater thot (@julieh___) February 22, 2018
Yes l don’t see stories .it’s so boring
— KHAWLA ? (@KhoOokhy) February 23, 2018
It sucksssss :( feel like there is no connection anymore.
— Manny MUA (@MannyMua733) February 21, 2018
I used to be obsessed with Snapchat and now after the update it’s so lame
— Eva (@Evaninadreamer) February 21, 2018
Really wish things would be left alone. Instagram is already coming for them, why make it easier to fail?? Ugh
— Erika Barriga (@fluximagery) February 23, 2018
Later on Thursday, cosmetics brand Maybelline New York questioned whether it should remain active on Snapchat.
Apparently, the key to investing is to keep up with the Kardashians.
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