Home Entrepreneurship Snapchat faced a dropdown in its Market Value by $800M

Snapchat faced a dropdown in its Market Value by $800M

Social apps are nowadays big platform for connecting with not only friends or family but to the whole world. And advertisements through social apps are more of a common phenomenon. Snapchat has always faced challenges to Instagram as of photo based social media. This is the app being developed by Stanford students Evan Spiegal, Reggie Brown and Bobby Murphy. It is a multimedia messaging app. Which is available in 22 different languages and started its working in September 2011. App that has recently hit Snapchat with a big criticism. An advertisement which was going with the title of “Slap Rihanna” or “Punch Chris Brown”.

Though this advertisement was not made by Snapchat but a third party advertisement accused Rihanna. Of which she said that it didn’t hurt her feelings which do not even exists in her but it’s about the whole society. These are the statements which add up to the domestic violence. She criticized this advertisement over Instagram post saying the added community should be shamed on adding up to domestic violence victims.

Earlier this week Snapchat was caught in the fire where users saw an advertisement of the game stating the violent statement.  This statement was a reference to Brown’s 2009 assault on her girlfriend which occurs before Grammy Awards. On which he has pleaded guilty to felony assault. Then he was put up in probation period for five years including six months of a community service.

Though the app owner issued an apology for the add which was thought of a third party. But being posted by them and violating company’s rules he apologized by issuing an apology statement. Which was condemned by Rihanna stating that such things add up more to domestic violence and victims face more of such things in society?

Though Snapchat tried to overcome the issue in the best possible by stating that Snapchat puts a stronger apology and vow to not get it happen again. Elaborating further Snapchat owner said that they are sorry for the terrible mistake which happened after being allowed by a review process. The mistake they have made and it won’t be happening again.

This was not the first time, Snapchat has also faced a dropdown to its stock value prior to this incident. Kylie Jenner is one of those celebrities who has the most viewed profile amongst the list. And has a huge impact on social media. But it proved fatal for the app where she posted when Snapchat was new to the market that is she’s the only one who didn’t open up Snapchat or there is someone else too? It has lead to a huge drop down to its share by $1 billion in 2011.  Later on, Snapchat improved its interface to catch the user’s attention and to regain its position in the Tech industry.

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