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Kylie Jenner 'sooo over' Snapchat - and Wall Street panics Kylie Jenner 'sooo over' Snapchat - and Wall Street panics
(about 1 hour later)
The stock market value of Snap, owner of the Snapchat messaging app, fell $1.5bn after reality TV star Kylie Jenner said she no longer used it. Reality TV star Kylie Jenner wiped $1.3bn off the stock market value of Snapchat after tweeting that she no longer used its messaging app.
Ms Jenner told her 24.5 million Twitter followers: "sooo does anyone else not open Snapchat anymore?" Celebrity Kim Kardashian's half-sister posted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
She was adding her powerful social media voice to the growing criticism of Snapchat's re-design. Snapchat's share price sank after Ms Jenner's tweet about its re-design to her 24.5 million Twitter followers.
Snap boss Evan Spiegel had something to soften the blow, though, with news his total pay was a huge $600m last year. One million people signed a petition demanding Snap roll back the change.
Shares in Snap fell more than 8.4% to $17.8, falling back close to the $17 price at which the shares were listed when the company floated on Wall Street. After dropping almost 8%, shares in Snap closed 6% down on Wall Street, and are now back near the $17 price at which the shares were listed when the company floated on the stock market.
The disappearing messaging app was re-designed in November. But many users criticised the change, and one million people signed a petition. Snapchat is facing intense competition from Facebook's Instagram - especially for celebrity users - and Ms Jenner's attack comes at a time when investors are already worried.
Ms Jenner, the half-sister of celebrity Kim Kardashian, tweeted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad." Ms Jenner later tweeted a follow-up: "still love you tho snap... my first love".
She did, though, later tweet a follow-up: "still love you tho snap... my first love". Snapchat has rejected complaints about November's re-design, with its boss Evan Spiegel saying earlier this month that users just needed time to get used to it.
Snapchat has rejected complaints about the re-design, with Mr Spiegel saying earlier this month that users just need time to get used to it. Mr Spiegel had something to soften the blow, though, with news on Thursday that his total pay last year was a staggering $637.8m.
The criticism from Ms Jenner was followed by news that Mr Spiegel received $637.8m as total compensation last year after the company went public. It is thought to be the third-highest annual package ever received by a company's chief executive.
It is thought to be the third-highest annual payout ever received by a company's chief executive, although the compensation package was heavily boosted by the award of shares in the company. His salary for 2017 was $98,078 The remuneration was, however, heavily boosted by the award of shares when the company listed on the stock market.
The package trails the 2007 and 2008 compensation packages for Daniel Och, head of hedge fund Och-Ziff Capital Management. Mr Spiegel's basic salary for last year was a more modest $98,078.
He received an annual compensation of $918.9m in 2007 and $1.19bn in 2008. The package trails the 2007 and 2008 compensation for Daniel Och, head of hedge fund Och-Ziff Capital Management.
He received annual packages of $918.9m in 2007 and $1.19bn in 2008.