A single tweet from 20-year-old multi-millionaire Kylie Jenner about Snapchat cost the image messaging app 6.1 percent of its shares, Bloomberg reported.
In a tweet, Kylie who recently became a mother, wrote, “sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.”
That single tweet drew thousands of responses and over 25,000 retweets.
The app recently revamped its look, following which Wall Street analysts noted a downward trend among its user base.
According to Bloomberg, Paris-based beauty product company L’Oreal SA said its Snapchat views have dropped dramatically. Maybelline New York reportedly asked its users if it should stay on the Snapchat platform.
But according to a report on Mashable, although Kylie commands great popularity on all social media platforms, her tweet is not responsible for the decline in Snapchat’s stock. In fact, it’s stock had been trading down over the last week, before it started trading up by Thursday, 22 February.
The report also said that while the stocks were at a decline, the daily active users of Snapchat shot up.
Similarly, the company’s stock got a boost by more than 27 percent early in February after a strong earnings report and call with analysts, Mashable reported.
Although Snapchat did not respond to Kylie’s tweet, the makeup mogul posted another tweet shortly after her first.
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