NEW YORK - A single tweet from US reality TV star Kylie Jenner about Snapchat on Thursday triggered a massive plunge in the messaging applications's stock price.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.— Kylie Jenner (@KylieJenner) February 21, 2018
Jenner, tweeted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
Wall Street panicked in response to the "Snapchat Queen's" message, and Snapchat shares slipped almost 8% at one point, totalling around $1.7 billion dollars (R19 billion) in value.
They closed down 6%.
Jenner later tweeted again: "still love you tho snap ... my first love."
Nevertheless, Snapchat boss Evan Spiegel may have had the last laugh, with the US Securities and Exchange Commission declaring on Thursday that his pay for last year was an enormous $638 million, mostly due to his shares in the app, which was listed last year.
A recent redesign of the application's platform, which distinguished between conversations with friends and professionally produced content, had proven to be unpopular with many users.
still love you tho snap ... my first love— Kylie Jenner (@KylieJenner) February 21, 2018