Kylie Jenner tweet wipes $1.3 billion off Snapchat’s value

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Snapchat
A big redesign hasn't worked out so well!
Photo: Snapchat

Snapchat’s value has fallen by $1.3 billion following its much criticized redesign. The explanation for the decline? A damaging tweet from reality TV star Kylie Jenner who Tweeted concerning her disapproval of the app, saying “Sooo does anyone else not open Snapchat anymore?

Although Jenner followed up with a second tweet saying, “still love you tho snap,” the initial message has been retweeted close to 50,000 times. It’s not the only piece of evidence suggesting that fans aren’t feeling the new redesign. A Change.org petition has also attracted more than 1.2 million signatures from disgruntled users.

A short term hit?

Snapchat’s recent redesign was intended to more clearly separate branded content and social interactions between friends. News of the update was made by Snapchat CEO Evan Spiegel late last year, following the announcement that Snap had fallen short of expected growth projections for the quarter.

At the time, Spiegel told investors that the changes were likely to be, “disruptive to our business in the short term,” and could risk alienating members of the Snapchat community when they use the redesigned app. However, he opined that, “We’re willing to take that risk for what we believe are substantial long-term benefits to our business.”

Since then, however, it seems the company may be losing its nerve when it comes to standing by its redesign. A response to the Change.org petition assured users that, “We hear you, and appreciate that you took the time to let us know how you feel. We completely understand the new Snapchat has felt uncomfortable for many.”

Winning back customers

While it’s not returning to the original design it says that it will make changes to try and appease customers.

“Beginning soon on iOS, and with Android in the coming weeks, we are introducing tabs in Friends and Discover, which will make it easier to find the Stories that you want, when you want them,” Snap says. “Once you receive the update, you’ll be able to sort things like Stories, Group Chats, and Subscriptions, allowing you to further customize your own experience on the app.”

Still, as much as you may hate the redesign, it’s hard not to feel a bit sorry for Snapchat. After all, when a member of the Kardashian family can wipe $1.3 billion off your valuation with a single tweet, that pretty much means we’re living in the End Times.

Source: Independent