Reality TV star Kylie Jenner's tweet that she wasn't using Snapchat anymore shook the Wall Street, resulting in the instant messaging app losing $1.3 billion of its market value.
Celebrity Kim Kardashian's half-sister posted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Shares of the Snapchat parent company fell as much as 8 percent on Thursday and closed down 6.1 percent at $17.5, the price at which the shares were listed on the stock market.
She later tweeted a follow-up: "still love you tho snap... my first love".
Jenner's tweet comes at a time when the California-based firm is trying to appease its 1.2 million users over a new app update, which went into effect in early February.
The users of Snapchat have filed a petition titled 'Remove the new Snapchat Update' as the new update made many features difficult to use.
The petition was aimed to convince Snap Inc to change the app back to the version prior to the 2018 update, but the company has affirmed its commitment to the contentious new app.
In an official response on Change.org," the Snapchat team wrote that they "completely understand the new Snapchat has felt uncomfortable for many."
Snapchat, which faces stiff competition from larger rival Instagram, is trying to expand its user base from millennials to older population.
Chief Executive Evan Spiegel said the new version had rolled out to 40 million users and would launch worldwide in the first quarter.
"We believe that the redesign has also made our application simpler and easier to use, especially for older users," said Spiegel.
