Kylie Jenner says Snapchat is over – and Wall Street panics

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Kylie Jenner says Snapchat is over – and Wall Street panics

The stock market value of Snap, owner of the Snapchat messaging app, fell $1.5bn after reality TV star Kylie Jenner said she no longer used it.

Ms Jenner told her 24.5 million Twitter followers: “sooo does anyone else not open Snapchat anymore?”

She was adding her powerful social media voice to the growing criticism of Snapchat’s re-design.

Snap boss Evan Spiegel had something to soften the blow, though, with news his total pay was a huge $600m last year.

Shares in Snap fell more than 8.4% to $17.8, falling back close to the $17 price at which the shares were listed when the company floated on Wall Street.

The disappearing messaging app was re-designed in November. But many users criticised the change, and one million people signed a petition.

Ms Jenner, the half-sister of celebrity Kim Kardashian, tweeted: “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

She did, though, later tweet a follow-up: “still love you tho snap… my first love”.

Snapchat has rejected complaints about the re-design, with Mr Spiegel saying earlier this month that users just need time to get used to it.

The criticism from Ms Jenner was followed by news that Mr Spiegel received $637.8m as total compensation last year after the company went public.

It is thought to be the third-highest annual payout ever received by a company’s chief executive, although the compensation package was heavily boosted by the award of shares in the company. His salary for 2017 was $98,078

The package trails the 2007 and 2008 compensation packages for Daniel Och, head of hedge fund Och-Ziff Capital Management.

He received an annual compensation of $918.9m in 2007 and $1.19bn in 2008.

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