Kylie Jenner tweets she hasn’t been using the app lately
Users pile on with feedback that echoes Wall Street concerns
Snap Inc.’s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan.
Shares of the Snapchat parent company sank 6.1 percent on Thursday, wiping out $1.3 billion in market value, on the heels of a tweet on Wednesday from Kylie Jenner, who said she doesn’t open the app anymore. Whether it’s the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too have begun to notice, citing recent user engagement trends noticed since the platform’s redesign.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Snap CEO Evan Spiegel Got $638 Million in Year of Firm’s IPO
Pay is largely from one-time stock grant tied to listing
Strategy chief Khan received $100.6 million for 2017
Snap Inc.’s Chief Executive Officer Evan Spiegel is poised to become one of the highest-paid U.S. executives for 2017, thanks to a $636.6 million stock grant he got when his company went public.
The Venice, California-based maker of the Snapchat photo-sharing app awarded Spiegel shares equal to 3 percent of the outstanding capital stock when the initial public offering closed in March, according to the firm’s annual report filed Thursday. He’ll receive the shares in increments through 2020.
Snap has had a volatile first year as a publicly traded company. Executives overseeing product, engineering and sales have departed. Facebook Inc. has copied some of its most popular features for bigger audiences and Twitter Inc. is said to be working on a new Snapchat-style product.