Following Rihanna’s reaction to a Snapchat ad which read “would you rather slap Rihanna or punch Chris Brown“, the platform reportedly lost more than 4% of its shares on Thursday.
Reacting to the ad tagged ‘ignorant’, Rihanna wrote;
“Now SNAPCHAT I know you already know you ain’t my fav app out there! But I’m just trying to figure out what the point was with this mess! I’d love to call it ignorance, but I know you ain’t that dumb!” she wrote on Instagram Story. “You spent money to animate something that would intentionally bring shame to [domestic violence] victims and made a joke of it!!! This isn’t about my personal feelings, cause I don’t have much of them…but all the women, children and men that have been victims of DV in the past and especially the ones who haven’t made it out yet….you let us down! Shame on you. Throw the whole app-oligy away!”
However Snapchat, who apologized over the ad they said was an error, said in their statement;
“The advert was reviewed and approved in error, as it violates our advertising guidelines,” the company said.
“We immediately removed the ad last weekend, once we became aware. We are sorry that this happened.”
Recall also that Kylie Jenner’s tweet of no longer using Snapchat again, led to a $1.3 billion loss in the social media platform’s parent company market value on Thursday.
She later followed up with “still love you tho snap … my first love,” but the damage may already have been done, as AFP reported that Snap Inc.’s shares fell by over 6% in Thursday trading, a loss of about $1.3 billion in market capitalization.
Snapchat is facing intense competition from Facebook’s Instagram – especially for celebrity users – and Kylie Jenner’s tweet came at a time when investors are already worried.