Rihanna Just Caused Snapchat To Drop Over $1 Billion In Value
After her brilliant response to that controversial ad.
Rihanna's strong response to an offensive advertisement posted on Snapchat has caused the social media giant to drop USD $800 million (approx AUD $1 billion) in value.
Last week Snapchat ran an advertisement, created by a third party, in which a "Would You Rather?" game asked users whether they would prefer to “slap Rihanna” or “punch Chris Brown.”
Rihanna quickly responded to the app's decision to run the controversial ad, writing on her Instagram Story:
"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! You spent money to animate something that would intentionally bring shame to DV [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."
Following the singer's statement, Snapchat responded: "This advertisement is disgusting and never should have appeared on our service. We are so sorry we made the terrible mistake of allowing it through our review process. We are investigating how that happened so that we can make sure it never happens again."
Their apology wasn't enough to save them financially, however, as The Wall Street Journalconfirms that Snapchat stocks plunged by 4% following the public backlash, which cost the company over one billion dollars this weekend.
It isn't the first time a celebrity has cost Snapchat money, with Kylie Jenner's simple tweet asking "does anyone else not open Snapchat anymore?" costing the company USD $1.3 billion last month.