Snapchat Lost $800m In Value After Rihanna Called It Out
Rihanna once again showed that she did not come to play after her powerful clapback against an inappropriate advert that ran on Snapchat caused the social media app's network to plummet by hundreds of millions of dollars.
The starlet called out Snapchat on Thursday after they allowed an advert on their platform asking users whether they would rather punch Chris Brown or slap Rihanna, which many interpreted as making light of her 2009 domestic violence incident with Brown.
Is it just me, or is this ad that popped up on my Snapchat extremely tone deaf? Like what were they thinking with this? pic.twitter.com/7kP9RHcgNG— Royce Mann (@TheRoyceMann) March 12, 2018
Rihanna responded to Snapchat through an Instagram story, where she cautioned the company on running an advert that made light of domestic violence.
As a result, the share value of Snap Inc. tumbled by $800m on Thursday, and dropped a further percentage point the next day, despite its apology The personal net worth of co-founder and CEO Evan Spiegel also fell, with Forbes recording his wealth had slipped by $150m to $3.8bn since the incident, as of March 18.
This follows a difficult few weeks for Snapchat, which lost $1.3m in value when Kylie Jenner revealed to her followers that she no longer opened the app due to the update towards the end of February, which has been criticised by many as not user-friendly.
Don't mess with Rihanna - it could cost you!
What do you think about it? Was Snapchat wrong to allow the ad on their platform? Do you still use Snapchat?
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