Kylie Jenner's tweet just wiped $1.3 bln of Snap's market cap

Snap Inc, Snapchat's parent company, lost about 1.3 billion in market cap on Thursday after reality star Kylie Jenner tweeted on Wednesday that she does not use Snapchat anymore.

Kylie Jenner has starred on Keeping Up With The Kardashians. She also runs her own brand of cosmetics.

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

— Kylie Jenner (@KylieJenner) February 21, 2018

still love you tho snap ... my first love

— Kylie Jenner (@KylieJenner) February 21, 2018

Jenner, a social media influencer, has over 24 million followers on twitter and 104 million followers on Instagram. Jenner's views on the platform could be due to the app's redesign in November last year.

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The shares of the social media company ended about 6 percent lower on Thursday. Jenner's comments also come after Citigroup downgraded the stock earlier this week.

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Citigroup downgraded the stock to sell from neutral after seeing a "significant jump" in negative reviews of the app's redesign, reports Bloomberg.

Snapchat has been facing stiff competition from Facebook-owned Instagram. 

Snapchat's redesign has been highly unpopular. Over 1.2 million people have signed a petition on Change.org asking Snapchat to remove the redesign, reports CNN. 

Snap went public in March last year. The company's current market capitalisation is about $21 billion. 

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