Just over a week after its stock prices dipped following a controversial Snapchat ad that made reference to Rihanna’s assault at the hands of Chris Brown, Snap could be headed for another Wall Street shakedown.
Chrissy Teigen announced Saturday via Twitter that she will no longer be using the app due in part to the ad, and cited the latest update, which has received widespread criticism, as another reason for her departure.
“The update, the constant complaints of people not being able to find me, plus the Rihanna poll…no bueno,” Teigen wrote.
Earlier in March, a Snapchat game called “Would You Rather?” posted an ad asking users whether they’d rather slap Rihanna or punch Chris Brown. Rihanna called Snapchat out in an Instagram post, writing “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 victims and made a joke of it!!!”
Snapchat apologized for the ad, and banned the advertiser that posted it, but its stock prices still fell almost five percent. And that’s not the first time celebrities have caused Snapchat’s value to take a hit either: Kylie Jenner tweeted in February, post-redesign, that she doesn’t open Snapchat anymore, which Bloomberg wrote cost Snapchat $1.3 billion in market value.
Teigen has commented on the redesign in the past, tweeting that one of the most widely reported criticisms — that celebrities are now relegated to a separate part of the friends list than before — had merit.
“How many people have to hate an update for it to be reconsidered?” she asked.
The redesign has received unwavering support from Snap CEO Evan Spiegel, however, who said “some of the complaints we are seeing are reinforcing our philosophy.”
Whether Teigan’s exit bears enough weight to cause the same result as Jenner’s — she has 9.97 million Twitter followers compared to Jenner’s 25.1 million — remains to be seen, but Snapchat could be in for a surprise come Monday’s open.