Snapchat's loss is Facebook's gain, thanks to a recent tweet by Kylie Jenner.
Like everyone else with a smartphone, Kylie is not loving the drastic new Snapchat update. The reality star admitted on Wednesday that she doesn't really use the app (which she once ruled), with a tweet that said, "Sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
On the day of the announcement, the Snapchat stock plummeted over seven percent that day, and six percent of that came after the tweet.
According to TMZ, Facebook gained Snapchat's losses, and then some. On the day of Kylie's announcement, Snapchat was worth $22.78 billion. As of the day after the ominous tweet, Snapchat's value drop came to a total of over $1.3 billion after swooping down to $21.40 billion. Value then went up just a bit to $21.41 billion the day after that. On the other hand, Facebook, which was worth $516.83 billion on the day of Kylie's announcement, went up to $519.97 billion the day after and a whopping $532.86 billion the day after that. That is a massive $13 billion increase.
Moral of the story: never underestimate the power of Kylie Jenner.