Did Kylie Jenner Just Cost SnapChat $1.3 Billion with one tweet?!?!
By: Li Chen
The Influence of Celebrities on Social Media
Snap Inc, owner of Snapchat, just got hit with a billon dollar market share loss because of one tweet from Kylie Jenner!
After the app’s update, over a million users signed a petition asking the company to roll back the change because of bad experiences on the new version.
However, company choose to ignore user’s requirement. As a result, Snapchat is really paying for it--literally.
Celebrity Kylie Jenner, who has 24.5 million followers on twitter, posted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
The influence of this tweet caused the company’s share price to drop by 6%, which is equivalent to $1.6 billion in market value!
While Kylie “only” has 24.5 million followers, her social media followers include popular social media influencers. So the tweet spread out quickly and the influence hit Snapchat hard.
Snap Inc definitely has some re-adjusting to do if they wish to recover. The lesson here is to never underestimate the influence of celebrities on social media.