If this isn"t quite the death of Snapchat, it"s definitely a serious blow.
Snap shares were down more than 7% this morning after Kylie Jenner tweeted her criticism of Snapchat"s latest redesign last night: "soooo does anyone else not open Snapchat anymore? Or is it just me...ugh this is so sad."
We imagine the company"s shareholders would agree.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Shortly after, she tweeted something of an apology: "still love you snap... my first love."
still love you tho snap ... my first love
— Kylie Jenner (@KylieJenner) February 21, 2018
But the damage had, apparently, already been done...the company"s shares have now erased most of their post-earnings climb...
The Snapchat parent’s shares sank as much as 7.2 percent Thursday, erasing $1.3 billion in market value.
As the company"s share price crumbles, Snap CEO Evan Spiegel is poised to become one of the highest-paid US executives for 2017, thanks to a $636.6 million stock grant for sheparding his still-young company to a public offering in March of last year.
He’ll receive the shares in increments through 2020.
In addition to the bonus, Spiegel, 27, received about $1.08 million in corporate perks, including legal fees and $561,892 for personal security services. Meanwhile, his salary was cut from $500,000 to $1 around the time of the IPO.
And Spiegel isn"t the only Snap executive who"s receiving a cushy windfall. Chief Strategy Officer Imran Khan received $100.6 million in compensation last year. However, most of that - $100.1 million - is stock that won"t be fully vested until about a decade from now.
Jenner"s tweet drew a chorus of criticism from her 24.5 million followers. Wall Street analysts have also begun to notice, citing recent user engagement trends as a sign that the recent redesign is extremely unpopular.
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