Shares of Snapchat's parent company fell 6.1% yesterday, reportedly wiping out $1.3 billion in market value . . . and some people are blaming that on a Tweet KYLIE JENNER sent out on Wednesday.
She said, quote, "So does anyone else not open Snapchat anymore? Or is it just me . . . ugh this is so sad." She seemed to be addressing Snapchat's recent redesign, which has been VERY unpopular with users.
But Kylie isn't bailing entirely. Just 10 minutes after her initial comment, she Tweeted, quote, "Still love you though, Snap . . . my first love." (???)
In addition to Kylie and the unpopular new look, another possible reason for the stock drop was the recent news that CEO Evan Spiegel got a $637 million bonus last year . . . the third-highest payout ever received by a CEO.
Snapchat has been swamped with criticism over their redesign for weeks, and the day before Kylie's Tweet, the company tried to do damage control, by insisting that they'd be making changes to fix the problems.