Snapchat investors meet their greatest enemy: Rihanna
Rihanna has spoken, and the markets may have have responded. Today, the pop singer took to Instagram to call out Snapchat for featuring an ad that made light of her 2009 assault by then-boyfriend Chris Brown. “Shame on you. Throw the whole app-oligy away,” she wrote in an Instagram story, referencing their statement in which they said the now-removed ad was “reviewed and approved in error.”
Rihanna responding to Snapchat's ad. I can't believe they did this. pic.twitter.com/TpHQIXTm4j— Gennette Cordova (@GNCordova) March 15, 2018
Coincidentally, or not, Snapchat’s stock is now down 4 percent from this morning, echoing the time the stock price dropped 6 percent after Kylie Jenner tweeted she rarely uses the app anymore. Snapchat lost $1.3 billion off the company’s market value during the Jenner debacle.
Snapchat’s troubles began when it rolled out an unpopular update last month. This latest bit of bad PR from one of the most famous and influential people in the world certainly won’t ease the company’s troubles. But when you look at the ad in question (and remember how bomb Instagram stories have become) it’s hard to feel bad for the former golden child of the app world.