When the exchanges opened Thursday morning, Snapchat’s stock plummeted, at one point reaching a dip of 8.5% before closing down 6%, a loss of about $1.3 billion in market value.
Jenner followed up her tweet just 10 minutes later with positive sentiment, but it seems investors didn’t care. The day prior, Snapchat released a statement in response to a Change.org petition with more than 1.2 million signatures calling for the rollback of the app’s new design.
“We completely understand the new Snapchat has felt uncomfortable for many,” the company wrote. “Beginning soon on iOS, and with Android in the coming weeks, we are introducing tabs in Friends and Discover, which will make it easier to find the Stories that you want, when you want them.
“We completely understand the new Snapchat has felt uncomfortable for many,” the company wrote. “Beginning soon on iOS, and with Android in the coming weeks, we are introducing tabs in Friends and Discover, which will make it easier to find the Stories that you want, when you want them.
Once you receive the update, you’ll be able to sort things like Stories, Group Chats, and Subscriptions, allowing you to further customize your own experience on the app.”
At a technology conference last week, Snap CEO Evan Spiegel said that some of the things users take issue with, have been explicitly redesigned that way.
“One of the complaints we got is, ‘Wow, I used to feel this celebrity was my friend and now I don’t feel like they’re my friend anymore,'” he said at the Goldman Sachs Technology and Internet Conference. “Exactly. They’re not your friend.”