Snapchat, battling negative reviews for its latest update, was dealt a huge blow on Thursday after reality-star-model-cosmetic-maker Kylie Jenner questioned the usefulness of the messaging app. The company lost $1.3 billion in market capital after she said that she has stopped using the app.
Jenner had tweeted;
“Sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad,” she told her 24.5 million followers yesterday. Her tweet came as Citigroup downgraded the stock of Snapchat operator Snap Inc to “sell”. — Kylie Jenner (@KylieJenner) February 21, 2018
The tweet was retweeted over 50,000 times and liked by over 290,000 users.
She, however, tried to make amends by saying that she still loved the app but the damage had already been done.
“Still love you tho snap … my first love,” she said in a tweet, 11 minutes after the earlier post.
Following her tweet, Snap stocks dropped almost 8%. They, however, closed 6% down on Wall Street. They are now back near the $17 price at which the shares were listed when the company floated on the stock market.
Shares of Snap rose in February above its IPO price of $17 for the first time since July.
Jenner’s criticism came at a time when investors are worried over negative user reviews.
A Change.org petition that sought a reversal of the messaging app’s latest redesign has over a million signatures and the company was forced to respond to the petition.
In its response, Snapchat did not agree to the petitioners’ demand but promised to roll out a new update in the coming weeks that will bring some changes to the ‘Friends and Discover’ section in the app.
Last week, Chief Executive Evan Spiegel told an investor conference in San Francisco that he was pleased with the redesign and thought it was a more logical setup for users.
The petition titled ‘Remove the new Snapchat Update’, which has been signed by over 1.2 million people so far, said the new update made many features difficult to use.
The petition said it aimed to convince Snap Inc to change the app back to the version prior to the 2018 update.
Meanwhile, Snap Inc said that its Chief Executive Evan Spiegel received $637.8 million as total compensation last year after the company went public.
Spiegel’s pay package is based on stock-based awards worth $636.6 million and salary and other compensation worth about $1.2 million, according to a security filing by Snap on Thursday.
“I believe this is the largest value we have seen in the 10 years we’ve been compiling annual ‘highest-paid’ CEO studies,” said Dan Marcec, Director of Content at executive compensation data firm Equilar.
Jenner has huge followings on various social media platforms including Twitter and Instagram. She gave birth to a daughter this month and her instagram post announcing the pregnancy quickly became one of the most liked posts of all time on the social media platform
A Dragon has reportedly made away with $486 million, a loan given to Nigeria by the world bank.
This was revealed to newsmen by Lai Muhammad minutes after the money was received from world bank...however, on landing the Nigerian soil, the money was made away by unknown Dragon.
This is coming after a shocking confession of an official of the Joint Admission and Matriculation Board, JAMB, who claimed that a mysterious snake swallowed N36 million, from the Board’s vault.
Briefing Newsmen after Plenary, Lai Muhammad said, “I think, this country is becoming a huge joke. First of all, it was the rodents that drove away the president and then we now have snakes consuming about N36 million and now we have monkeys raiding farmhouse. So, they don’t want this to be said but I believe that we should be very clear.”
Popular Ghanaian actress, Moesha Boduong has indicated that she's likely to undergo liposuction after she's had babies.
Moesha made this known on The Late Afternoon Show with Berla Mundi on GhOne TV on Monday when she was asked whether she had already undergone the procedure as rumor had it.
The actress insisted that her curvy figure was acquired through 3 years of waist training and detox and not liposuction like it was widely believed.
According to webmd, Liposuction is a cosmetic procedure that removes fat that you can’t seem to get rid of through diet and exercise.
A plastic or dermatologic surgeon usually does the procedure on your hips, belly, thighs, buttocks, or face to improve their shape. But liposuction can also be done with other...
It appears Canadian rapper, Drake has added a Ferrari Laferrari sports car to his garage.He was spotted leaving 'The Nice Guy'bar in Los Angeles, CA in the brand new yellow exhortic car which said to cost $7million(N1.2Billion Naira).
Drake is also said to own a $2 million Bugatti Veyron, a Bentley Continental GTC, an S-Class Brabus, Mercedes-Benz SLR McLaren Convertible, McLaren 675LT, a custom Lamborghini Aventador Roadster and a white custom Rolls Royce Phantom.
He also owns a McLaren 675LT as well as a Mercedes-Benz SLR McLaren Convertible among others.
It can be recalled that earlier this month, Drake...