Snapchat parent's stock plummets after Kylie Jenner tweet

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Let's face it, more than a million people signed a petition asking Snapchat to undo the latest update because seemingly no one is happy about it. Kylie Jenner isn't happy about it either and she said as much on Twitter.

Kylie Jenner took to Twitter to air her grievances about Snapchat, the popular photo and video sharing social media app.

"Then once, I just made a decision to try Instagram stories, just on a whim, so I just posted one or two things over there and boom, 400,000 people instantly saw it without me telling anyone about it". After her comments on Thursday, shares in the social media firm closed the day with a 6% fall.

Maybe some Jenner influence was what Snapchat needs to listen to its users and give them the update they want. Almost a million users even signed a petition on, suggesting Snapchat to bring back the old version. Around July 2017, shares had traded below the $17 IPO value for the first time.

U.S. celebrity Kylie Jenner yesterday wiped around $1.3bn (£900m) off the market value of Snap.

Snapchat recently posted a better-than-expected financial quarter. Snapchat has since been forced to innovate with their product in order to compete with these newcomers, but it's been reported that Snapchat users are steadily falling, and the company seems to be taking countless losses. Instagram introduced their story feature in 2016, and it has since grown to include many new features that put it on par with Snapchat. Daily Active Users (DAUs) were up 5% from Q3 and hit a total of 187 million.

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"By putting everything from your friends in one place, our goal was to make it easier to connect with the people you care about most." the company added.

The CEO, who was recently awarded a stock-based award worth $637 million a year ago, also ruled out the possibility of reverting to the previous version.

Citigroup analyst Mark May downgraded the stock to "sell" from "neutral" earlier this week after seeing a "significant jump" in negative reviews of the app's redesign.

Snap Inc. share price has since tanked 12 percent.