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Rihanna's dismissal of Snapchat's apology knocked $600 million off the company's value
IT’S DIFFICULT TO underestimate the power of celebrity when it comes to the popularity (or lack thereof) of certain social media platforms.
In February, Snapchat stocks fell a staggering seven per cent when Kylie Jenner admitted she no longer used the app, which she had previously relied on to cultivate and maintain her fanbase.
And this week, the company, according to CNBC, saw a loss of $600 million in value after Rihanna chose to publicly dismiss the apology they offered in light of an ill-advised advertisement appearing to condone domestic violence.
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Referencing the attack she endured at the hands of her ex-partner Chris Brown in 2009, Snapchat asked users if they would rather ‘Slap Rihanna’ or ‘Punch Chris Brown.”
Unsurprisingly, the question was met with utter outrage from users who demanded they withdraw the advertisement, and issue an apology to victims of domestic violence.
Snapchat responded with a statement, citing a systemic error for the release of the advert.
This statement was met with disdain by the Work singer, who refuted the idea that the advert was released in error.
In an Instagram story which has had catastrophic implications for the already struggling app, Rihanna reinforced her skepticism over their apology.
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While Rihanna’s harrowing experience was exploited in the most distasteful of ways, the singer insisted her opinion was not born of a personal vendetta.
The post, which ultimately resulted in 4 per cent stock loss, concluded with the message: “Shame on you. Throw the whole app-oligy away.”
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