Snapchat’s market value dropped by $1.3 billion after Kylie Jenner tweeted she doesn’t use the app anymore

Reality TV star Kylie Jenner wiped $1.3bn (£1bn) off the stock market value of Snapchat after tweeting that she no longer used its messaging app.

Celebrity Kim Kardashian’s half-sister posted:

“sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

Snapchat’s share price sank after Ms Jenner’s tweet about its re-design to her 24.5 million Twitter followers.

One million people signed a petition demanding Snap roll back the change.

After dropping almost 8%, shares in Snap closed 6% down on Wall Street, and are now back near the $17 price at which the shares were listed when the company floated on the stock market.

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Snapchat is facing intense competition from Facebook’s Instagram – especially for celebrity users – and Ms Jenner’s attack comes at a time when investors are already worried.

Ms Jenner later tweeted a follow-up:

“still love you tho snap… my first love”.

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