Snapchat stock dramatically dropped after their new update because people, mainly Kylie Jenner, had negative reactions towards it. Kylie tweeted how she no longer uses Snapchat and the stock price of Snapchat dramatically dropped. This past Thursday, Snapchat stock price decreased to $17.33, down 7%. Experts are blaming Kylie’s tweet for the drop because her tweet caused skepticism over Snapchat’s popularity with its key demographic of millennials and Generation Z.
Kylie Jenner, and the Kardashian family as well, use their brands to constantly post content that their followers can consume. Kylie has the nickname of ‘King Kylie’ of Snapchat because she was one of the first celebrities to continuously post content on her Snapchat story and offer her viewers the ability to see her in her daily life at real time. Kylie, however, has started to change her brand focus since her pregnancy and subsequent birth of her daughter, Stormi. Kylie posts less content making the content she does post more exclusive and over-analyzed. Therefore, when she tweeted about Snapchat being over and how it will always be her first love, people, including investors, took notice. What’s interesting about Kylie’s tweet is how much of an effect it had. Any Kardashian haters cannot deny the power they hold within the media and our society if Kylie is able to single handedly determine how Snapchat is not a form of social media she cares for and the market positively correlates with her negative remarks.