Snapchat loses over $1 billion after Kylie Jenner's tweet

The new mother was an avid user of the app

Afp February 23, 2018

Snapchat's parent company lost around $1.3 billion in market value on Thursday after reality star Kylie Jenner's tweeted that she was no longer using the messaging service.

"sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," Jenner tweeted.

She later followed up with "still love you tho snap ... my first love," but the damage may already have been done.

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Snapchat is a picture messaging app where users can send photos to each other to view for a limited amount of time. The app was found by Evan Spiegel in 2011 while he was studying at Stanford University. It was up on the New York stock market in March 2017 and its shares soared.

Snap's shares fell by over six per cent on Thursday trading, a loss of about $1.3 billion in market capitalisation. The firm has had a loss of $348 million in the last three months. According to The Daily Mail, Snapchat never made a profit, however, it just recently received a $636 million pay deal.

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Jenner has huge followings on various social media platforms, including Twitter and Instagram. She gave birth to a daughter this month and her Instagram post announcing the pregnancy quickly became one of the most liked posts of all time on the social media platform.

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