Kylie Jenner is a force to be reckoned with. With one simple tweet, the Keeping Up with the Kardashians reality TV starlet has used 280 characters to dramatically alter the financial prospects of two competing social media platforms: Snapchat and Facebook. As it was revealed over the weekend, the youngest Jenner has dwindled Snapchat's market value while significantly increasing the stocks for one of its biggest competitors. Is there some sort of irony to the fact that Jenner used one social media site, Twitter, to serious change the financial prospects of its own competition? You be the judge.
TMZ reports that, in light of Snapchat's financial misfortune, Facebook has been racking up the dough throughout these past three days. While the numbers for Snapchat have gone down, down, down, with its market value on Wednesday at $22.78 billion sinking to $21.41 billion as of Friday, the numbers for Facebook have gone up, up, up, with its $516.83 billion stock value on Wednesday now worth $532.86 billion since Friday. With just 18 words, Jenner seemingly found a way to make Snapchat lose at least $1.3 billion (!), while Facebook has gladly reaped the benefits in the process.
Let's back up a bit. The ensuing social media drama began a few weeks ago when Snapchat decided to redesign its app, attempting to make itself more user-friendly. It backfired. As a result, many users find themselves frustrated with the popular photo platform's new look and design, and Kylie Jenner is one of those people. Last week, she reached out to her 24.5 million Twitter followers and made a stark confession: she doesn't feel the urge to use Snapchat anymore.
Kylie Jenner tried to save face a little bit by claiming that she still loves Snapchat and that it'll always be her "first love," but that has done little to help the company's bottom line. Of course, Jenner didn't outright say that she doesn't use Snapchat because of the new redesign, but fans read between the lines. Since Kylie Jenner made her comments about leaving Snapchat, she hasn't been the only one. Earlier this week, big brand Maybelline also did a poll asking its fans whether or not to leave the social media platform. We'll keep you updated as this story continues to unfold.
This stock market rise and fall for Facebook and Snapchat, respectively, has gotta sting for Snapchat. The companies have been at odds with one another for quite a while, especially since Mark Zuckerberg's company owns Instagram, Snapchat's biggest competitor.
It's unclear how Snapchat plans to proceed from here. It's evident that the company's latest update was a major flop, but there have been no signs of reverting things or winning back the users the company has lost -- including Kylie Jenner. It's worth noting, though, that Jenner is now a mother to her first child, Stormi, who was born earlier this year. So, you know, that might also be taking up some of her Snapchat time. Still, that's not clear. What is clear, though, is that people aren't digging Snapchat and its new look right now, and the numbers -- and the money behind it -- do not lie.