More proof of the power of the Kardashian clan after news today that Snap Inc’s (parent company to the social media platform Snapchat) share price tumbled a whopping $US1.3 billion ($A1.7 billion) following a tweet from Kylie Jenner who claimed she no longer used it.
Such is Jenner’s social media power, it appears may of her 24 million followers had similar views of the platform.
The offending tweet that saw Snap Inc’s shares dive:
Snap Inc has had a difficult first 12 months as a public listed company with its share price having a roller-coaster ride amid high senior staff turn-over and claims that rivals – Facebook and Twitter – have stolen many of its photo-sharing ideas and combined them with far greater audiences.
Bloomberg is reporting that the company has also had to pay out huge dividends to staff that have including “chief strategy officer Imran Khan (who) received $US100.6 million in compensation last year”.
“It comes as Snap chief executive officer Evan Spiegel is poised to become one of the highest-paid US executives for 2017, thanks largely to a $US636.6 million ($811 million) stock grant he got when his company went public,” Bloomberg noted.