The Kylie Jenner tweet that cost Snapchat $1.3 billion may have been a boon for Snap competitor, Facebook. After the youngest Kardashian-Jenner sister put up a tweet critical of the multimedia mobile messaging app, asking her followers if she was the only one who didn’t feel like using Snapchat anymore, stock of the company plummeted over 6 per cent on February 21. In less than 140 characters, Jenner managed to wipe away $1.3 billion of Snapchat’s market value. The tweet has been retweeted over 74,000 times since and has 365,205 likes (so far); and though the new mother followed it up another calling Snapchat her first love, it seems that the damage was already done.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
But one social media giant’s loss seemed to be another’s gain. Facebook, which now owns Instagram, is Snapchat’s biggest competition in the market at the moment; and Instagram, as any Kylie fan would know, is where you’ll find her hanging out. Well, virtually at least. Although the two platforms were quite different in essence initially, when Instagram rolled out its stories feature, it became a direct competitor. So it seems that investors who sold Snapchat stock post the Kylie Jenner tweet that will go down in Wall Street history, have now bet their money on Facebook.
According to report from TMZ, Facebook’s value soared $13 billion in the span of a single day. At present, the tech giant’s value rests at close to $533 billion. And considering subtle cues from the social media star herself – such as unveiling her new cosmetics collection on Instagram – it might not turn out to be a bad investment after all. Unless, of course, the world wakes up to another new tweet.