Snap had a horrible week. More than 1.2 million users signed a petition asking the platform to get rid of its latest re-design rolled out at the start of 2018. Then, this tweet happened:Kylie Jenner’s is the most-viewed account on Snapchat.
However, Fast Company reports, “Citi downgraded Snap’s stock from “neutral” to “sell” the day before the Jenner tweet, which surely could have influenced the stock price’s drop. In fact, the stock price was falling before the reality TV star gave the world her two cents.” CNBC reports that Citi indicates it was Kylie’s tweet that prompted their position.
Either way, Snap shares were down 16 percent last week. So, looks like Snapchat’s woes go deeper than Kylie’s 24 million followers. See a news video and read more here.