It looks like Hollywood celeb disses of Snapchat are still swaying investors’ thinking — to some extent — about the prospects of the app’s parent company.
Chrissy Teigen on Saturday tweeted that she’s dropping Snapchat, citing a recent ad featuring Rihanna that made light of domestic violence and the social messaging and media app’s widely maligned redesign.
On Monday Snap shares opened up 0.6%, at $16.44 per share. However, the stock quickly turned, falling as much as 1.5%. Snap was trending down 0.5% in morning trading, amid an uptick in broader markets. It’s a sign that the user backlash against Snapchat has not yet been fully “baked in” to the stock price by investors.
“I stopped using snap. The update, the constant complaints of people not being able to find me, plus the Rihanna poll…no bueno,” Teigen wrote to her 10 million Twitter followers in jumping on the Snapchat-hater bandwagon.
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SOURCE: Variety, Todd Spangler