Snapchat Loses $1.3 Billion At One Tweet


Snapchat is a social media platform that allows its users to send live pictures and videos to anywhere around the globe. It was created by three of Stanford University’s former students; Booby Murphy, Reggie Brown and Evan Spiegel. This application which works on smartphones with either an Android Operating System or an iOS, was developed by Snap Inc. which is a camera company that believes in the power of images in communication. This very successful social media platform has been in existence since September 2011, which is about seven years ago now.

Snapchat has experienced a number of setbacks including the December 2013 hack which could be called a friendly hack. It was said to have caused no huge damages but to show Snapchat developers that they are still vulnerable to attack. Since this did not affect the operations of the application, it was sorted and an apology was sent to the general public after a week. Snapchat had also been sued a couple of times including for an incident of car accidents that took the life of up to five persons.

However, up to 1.2 million Snapchat users have signed a petition that calls for a reversal of the new Snapchat design, but it all went worse when Kylie Jenner Tweet this; “sooo does anyone else not open Snapchat anymore? Or is it just me…..ugh this is so sad”. Kylie who has up to Twenty-four million followers may actually have caused the 6% drop in the shares of the parent company; Snap Inc.

Eric Schiffer, the CEO of Patriarch Organization, a private equity firm has said it may be hard for snapchat to recover its loss. He also said the redesign scandal is one of the greatest setbacks the app could have experienced.

This could really be it for snapchat. Many Social Media Agencies, including Fuel Online are advising their clients to pull out of investing in Snapchat as the platform seems to be dying. They back their stand up with the fact that despite the disapproval of the new redesign by the general public, a spokesman for Snapchat still says that new redesign is here to stay. Many young people have tweeted that they will delete Snapchat because they don’t like the upgrade. More so, Instagram which is a very strong competitor owned by Facebook, has recently launched a ‘Stories’ feature which is quite similar to Snapchat’s feature. This could cause Snapchat users to forget Snapchat totally because they can now get what it offers from other popular platforms such as Instagram and which is also growing fast with such features.

Finally, many persons, especially investors and potential investors, on the advice of professionals are now running from Snapchat as it is now receiving celebrity diss on social media. A popular Make-up brand with quite a lot of followers, has also asked her followers to quit Snapchat publicly. If this trend continues, we might be watching a major company crash gradually.