All that to say: Jenner said she doesn't really use the app anymore and people freaked out.
Meanwhile, a petition on Change.org calling on Snapchat to abort the redesign has gathered more than 1.2 million signatures, signalling that folks are not quite ready to jump ship just yet. Just look at CEO Evan Spiegel's response at the Goldman Sachs Internet & Technology Conference. "Many "new features" are useless or defeats the original purposes Snapchat has had for the past years".
A statement issued by Snapchat's parent company reflected Spiegel's oblivious comments.
However, "this new foundation is just the beginning and we will always listen closely to find new ways to make the service better for everyone", according to the company. We are grateful for your enthusiasm and creativity.
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It added that owning advice business and platforms allowed the investment manager to have "greater proximity" to retail customers. SLA said in a separate statement that Grimstone would stand down as chairman at the end of 2019.
If you use Snapchat or have a Millennial in your life, you probably know that the app recently underwent a hugely unpopular redesign. "We are very excited for what's ahead".
"Right now, there's not much alternative to Snapchat for Generation Z, and while a small percentage of users will be influenced by [Jenner], it won't be the nail in the coffin", said Hewitt, who is head of social media at Tank PR. The company's market value took a $1.3 billion hit and at it's lowest, got dangerously close to its IPO price.
Of course, not every investor lost out on Jenner's tweet. According to Business Insider, Snapchat skeptics scored a almost $2 billion short position betting against the company. S3 Partners uploaded Snap's short-interest activity.
Earlier this week, Mark May, a Citigroup analyst, rated the stock as "neutral". She told Trading Nation, "I've always been skeptical of Snap because I think it's very hard for them to monetize. I think that's a risk".
So if Kylie Jenner declares that Snapchat is beyond relevance to her millennial fans, that's a problem for Snapchat.