Snapchat stock drops $800 million after Rihanna condemned Ad

Less than a month after Kylie Jenner  sent Snapchat stock into a downward spiral, another celebrity slam on the photo-sharing app has seemingly caused the company to take a major hit.

The stock prices of Snap Inc. fell around 4 percent on Thursday, reported CNN. The dip came after Rihanna  responded to the app’s apology for running an ad for a game called “Would You Rather” asking users if they would rather slap Rihanna or punch her ex Chris Brown, alluding to a 2009 domestic violence incident. The market value of the app’s parent company dropped almost $800 million, according to the outlet.

On Friday, Snap’s stock fell another 1 percent, CNN reported.

Snapchat CEO Evan Spiegel’s personal net worth dropped $150 million due to the decease, according to Forbes. He is currently worth an estimated $3.8 billion, Forbes reported.

Source: PEOPLE

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s