Did Kylie Jenner Really Just Tank Snapchat Parent's Stock Price?

Leave it to Kylie Jenner to make Snap’s week even worse.

Shares of Snapchat’s parent company tanked 6 percent on Thursday, a day after the famous person complained on Twitter about the app’s widely-loathed redesign.

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

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

— Kylie Jenner (@KylieJenner) February 21, 2018

Jenner added she’s still a fan of the app in a followup tweet, however, saying its her “first love.”

Snapchat’s updated look aimed to make the app “easier to use,” in the words of CEO Evan Spiegel. But Jenner isn’t the only one confused by the makeover. More than one million people signed a Change.org petition for Snapchat to undo its redesign. Snapchat responded on Wednesday, saying it “appreciated” the sentiment — yet it wasn’t going to be changing back anytime soon.

Pivotal Research Group analyst Brian Wieser told TheWrap it was “reasonable” to think Jenner’s tweet sent some investors fleeing. “It’s a stock in a nascent sector, where effectively a soft breeze can cause a stock like this to move,” said Wieser.

Jenner’s tweet compounded an already difficult week for Snap. Citi Group downgraded the stock on Tuesday, pointing to the poor response to its redesign. And an SEC filing on Thursday showed Spiegel received a $638 million payout in 2017 — which stood out for a company that lost more than $700 million for the year. Coupled with the stock entering a lull following its better-than-expected Q4 earnings report, the perfect storm for a dip was in place.

Ross Gerber, President and CEO of Gerber Kawasaki Wealth and Investment Management, told TheWrap Jenner’s tweet was just the “icing on the cake” for Snap’s slide. More importantly, her response hinted Snap’s attempt to win back influencers from Instagram isn’t going according to plan.

“She represents the most important demographic, and she is huge,” said Gerber. “Older people will never adopt Snapchat. We’re done with social media. So alienating their core audience is stupid. The redesign should be a choice and users should be able to keep the version they like. [Spiegel] is tone deaf.”

Snap closed above $20 a share on Friday, but after its 6 percent slide on Thursday, was hovering near $17.50 a share.

Shares of Snap dropped 6 percent on Thursday (via Google)

Coincidentally, Jenner’s mug, featured in a Daily Mail post, was the first thing greeting Snapchatters when they opened Discover on Thursday afternoon.

8 Eye-Popping Gadgets at CES 2018, From Storytelling Robots to Augmented Reality Glasses (Photos)

Tech companies have gathered at CES in Las Vegas to show off their newest gadgets for 2018. From Samsung's massive 146' TV to the first fingerprint sensor smartphone, check out what has caught our eye so far.
Vivo
Samsung has taken the big screen to a whole new level. "The Wall" is literally bigger than most walls, coming in at 146' wide. The picture is just as eye-catching, with its MicroLED display representing a major step up from the LED screens found on most TVs. If you're looking to cover your living room wall with "The Wall," it's coming out sometime in 2018, although the company hasn't put even a ballpark price tag on it yet.
TheWrap
Rokid's AR Glasses highlight the main reason TheWrap continues to be bullish on AR compared to VR. In short: functionality. Throw on a pair of these wi-fi enabled glasses, look someone in the face, and you'll be hit with their social media profiles and contact information. It's a bit Terminator-esque. The glasses, manufactured out of San Diego, will be arriving later in 2018. Rokid wouldn't put a price on it, yet, but said it'll be "competitive" with VR headsets like Oculus, which run for roughly $400.
TheWrap
Dolls are out, robots are in. That's what AvatarMind wants parents to believe, at least. The China-based company was showing off its three-foot robot, aimed as a 21st century educational toy for kids. The bot will sing lullabies and read stories, among other features. They'll cost around $1,600 to $2,000 when they come out in the U.S. later this year.
TheWrap
Samsung and Apple lost the race to fingerprint sensors to Vivo. The Chinese smartphone maker has put th scanner right on the front of its unnamed phone. Similar to signing in at the gym, simply place your finger on a blue dot at the bottom of your locked screen, and it'll open up. It's the first smartphone to integrate the tech.
VIvo
XYZ's 3D Da Vinci printer shows you can make nearly anything in minutes... even a bust of President Trump, if you want.
Getty Images
Sony is showing off its three new "extra bass" SRS speakers, running between $100 and $250. The Bluetooth-enabled speakers have 24-hours of battery life.
Sony
Japan-based Omron's electronic censors can mirror human movement by building an artificial intelligence-powered ping-pong partner. Unfortunately, you can't buy this for practicing in your basement. But the global company's tech is being used at U.S. companies like Tesla, where it helps assemble its cars.
TheWrap
Saving the adult content for last. Mashable recently pointed out porn accounts for 60 percent of the top virtual reality sites, and the industry is now betting on augmented reality as well. Naughty America, a San Diego-based studio, is displaying an upcoming AR app that'll allow fans to superimpose themselves right next to their favorites adult performers.
TheWrap

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The first fingerprint sensor-enabled smartphone is also on display

Tech companies have gathered at CES in Las Vegas to show off their newest gadgets for 2018. From Samsung's massive 146' TV to the first fingerprint sensor smartphone, check out what has caught our eye so far.

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8 Eye-Popping Gadgets at CES 2018, From Storytelling Robots to Augmented Reality Glasses (Photos)

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