Snapchat Loses A Whopping $1.7 Billion After Kylie Jenner Tweeted That She Doesn't Like The App Much Anymore

'Ugh this is so sad'

Snapchat Loses A Whopping $1.7 Billion After Kylie Jenner Tweeted That She Doesn't Like The App Much Anymore

Snapchat has suffered a massive loss in its shares following a tweet from Kylie Jenner.

Shares dropped by as much as 7.2 per cent on Thursday, wiping AU$1.7 billion in market value after this was posted.

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There is speculation about whether Kylie received a message notifying her of the drop, as this was followed by another tweet some ten minutes later.

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Jenner has 24.5 million followers on Twitter.

There has been a fair bit of backlash to the most recent update to Snapchat, with many users responding negatively to the redesign.

This is also a big factor in engagement numbers changing, especially since Instagram and Facebook both also offer the 'stories' option.

Meanwhile, Snapchat CEO Evan Spiegel is set to become one of the highest paid executives for 2017, with an AU$811 million in stock when his company went public.

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