Kylie Jenner ruined Snap’s market value with one thing … a tweet.
Jenner tweeted on Wednesday that she disliked Snapchat’s redesign. Her followers then joined her in criticizing the app, leading to Wall Street analysts to lower Snap’s market value, according to Bloomberg.
Snap, the company that owns Snapchat, then saw its shares drop 6.1 percent, which took out $1.3 billion in its value, according to Bloomberg.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.— Kylie Jenner (@KylieJenner) February 21, 2018
Not long after, Maybelline New York, a makeup company, asked its followers if it should continue to share content on Snapchat after its Snapchat viewers dropped off, Bloomberg reported.
Jenner, though, later praised Snap.
still love you tho snap ... my first love— Kylie Jenner (@KylieJenner) February 21, 2018
Daniel Ives, chief strategy officer and head of technology research at GBH Insights, said there’s not too much to worry about if you’re Snap.
"We believe this is an overreaction as Wall Street is hypersensitive to the app redesign," he told CNN. "With roughly 25 million followers, (Jenner) carries a loud mouthpiece that speaks to today's knee-jerk reaction in shares."
Snapchat rolled out a significant redesign, which included mixing people’s private messages and their stories together under one banner, confusing users instantly. Previously, the app had people's personal messages in one tab and their stories under another tab.
The redesign hasn’t received positive reviews. One tech blogger called it “a colossal mess.” Fans started a petition against the redesign, too, garnering more than 1.2 million signatures, according to Variety.
But the company told The Guardian that the new design is here to stay.
“We completely understand the new Snapchat has felt uncomfortable for many,” the company said.
However, “this new foundation is just the beginning and we will always listen closely to find new ways to make the service better for everyone,” according to the company.