Snap’s market value fell $1.3B after a single tweet by Kylie Jenner

Yet another reminder of just how dependent Snap is on influencers.

February 23, 2018

On Wednesday afternoon, at 4:50pm ET, Kylie Jenner posed a question to her 24.5m twitter followers: “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

Overnight, the tweet was shared nearly 300k times — and when the markets opened Thursday, Snap Inc. stock tumbled by as much as 7.2%, or $1.3B in market value.

While analysts can’t conclusively determine whether the tweet was solely responsible for Snap’s decline, it serves as a reminder of just how dependent Snap is on influencers.

As recently as 2016, Jenner was Snapchat’s most viewed user “by a longshot” — and her declaration didn’t go unnoticed by Wall Street: Many comments on Jenner’s post echoed discontent with Snap’s redesign earlier this week, and the company’s “abandonment” of its core audience.

A follow-up tweet by Jenner 11 minutes later (“still love you tho snap … my first love”) didn’t seem to do much in way of recouping Snap’s losses.

Join 1.5m+ professionals getting The Hustle daily news brief

Business and tech news in 5 minutes or less

100% free, no ads or spam, unsubscribe anytime


How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.

If you don’t like it, unsubscribe any time. Privacy policy.