>> A terrible week for Snapchat grew a whole lot worse Thursday. Kylie Jenner, part of the famed Kardashian reality TV show clan, single handedly wiped out $1 billion in Snapchat's market cap, with a single tweet. Jenner tells her 24.5 million followers that she doesn't even open Snapchat anymore.
Asking, does anyone? That follows a highly criticized redesign from Snapchat that had users complaining,and Wall Street worried. The research team at Citi downgraded the stock to a sell on Tuesday, and shares have been plunging ever since. Reuters correspondent, David Ingram explains what has Snapchat users in an uproar.
>> Some users really don't like the new Snapchat redesign, because it moves what they call the stories, which are, it's a series of photos and videos that you can post and they disappear within 24 hours. Stories is a really popular Snapchat product that was later copied by Instagram and Facebook.
The idea for the company was to move all the frame material to one side and all the publish your material to another, but I think for a lot of users, it's just something that they find confusing, or it's breaking an old habit for our Snapchat users.>> And social media users hate change, at least at first.
Changes on Facebook and Twitter initially sparked similar backlashes, but as subscriber numbers show, either they come back, or new users sign up. The ranker over this redesign is chipping away at renewed enthusiasm about Snap's future. It recently posted a 72% surge in quarterly revenue. Investors fear that success could be short-lived if Snap's core milennial base goes away, and advertisers follow.
Snapchat responded to the complaints by promising a new upgrade in coming weeks, but it's not clear whether the new, new design, will silence critics and win former fans like Kylie Jenner.