Snap Inc. stock falls after Kylie Jenner tweet about Snapchat redesign

Evan Spiegel

Snap CEO Evan

On Thursday, the stock fell 8% after reality TV star Kylie Jenner revealed she doesn't use Snapchat anymore. At 5:50 PM ET on February 21, Kylie Jenner tweeted that she does not "open Snapchat anymore".

The drop took $1.3bn (€1.05bn) off the company's market value.

Of course, Jenner tiring of the app isn't the end-all, be-all for the social media platform - many have attributed its decline to a recent redesign that left avid users frustrated and wondering why Snapchat was fixing something they didn't consider broken.

The petition, which gained momentum last week, called on the company to bin the redesign and go back to the traditional format of the app that its users had become accustomed to.

No one can say for certain that Kylizzle caused the stock tank, but the coincidence in timing is well worth the mention.

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Jenner followed the tweet up with another, declaring, "still love you tho snap.my first love". At the center of this criticism has been an extremely popular petition over on Change.org, requesting that Snapchat ditch the redesign and revert to the old version.

If just one tweet can drop the company's stock by nearly 1o percent, imagine what else Jenner can do.

At the time of writing, the petition garnered 1,227,293 signatures, with a goal to get to 1,500,000. Many Snapchat users are upset with the update and find it hard to watch their friend's Snaps, let alone their own.

Earlier this month, Twitter user Issac Svobodny posted a screenshot of a supposed Direct Message conversation between himself and Snapchat.

The company added: "This new foundation is just the beginning, and we will always listen closely to find new ways to make the service better for everyone". Chief among the complaints is the decision to move Stories-publicly available content that can be viewed by a users' friends for 24 hours-into the inbox where direct messages are sent and received. "They're not your friend". "We are very excited for what's ahead", the statement read.

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