When Kylie Jenner tweets, investors might be paying attention. That possibility may now have some social media platforms running scared.
On Wednesday, Jenner, who has 24.5 million followers on Twitter, threw shade at Snapchat with a tweet asking if anyone actually used the app anymore.
On Thursday, the stock price of Snap, Snapchat’s parent company, fell about 6 percent closing at $17.51. That represented a $1.3 billion loss in value, according to CNN Money.
To be fair, the timing of Jenner’s tweet and Snap’s decline in value may just be a coincidence. Citigroup downgraded the stock on Tuesday because November’s Snapchat redesign has alienated many of its users, according to TechCrunch.
“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,” Citi’s Mark May said in a statement.
SUBSCRIBE AND FOLLOW
Get top stories and blog posts emailed to me each day. Newsletters may offer personalized content or advertisements. Learn more
Whether Jenner’s snip at Snapchat was a factor in the stock drop is a subject of debate, but Bloomberg notes that Maybelline New York followed her tweet by asking its followers whether it should stay on the platform.
And Jenner’s diss also reminds people that the redesign alienated enough people that 1 million of them signed a petition demanding the old version of the app be brought back, according to the BBC.
Fortunately for Snapchat, it’s still possible Jenner could be wooed back, based on a tweet she sent a few minutes after her initial diss.