March 16, 2018
Rihanna sends Snap’s stock sliding5 min read
Rihanna is the latest celebrity to send Snap’s stock sliding. The singer tore into the app for allowing an offensive ad to appear on its platform. Her remark sent Snap’s stock down nearly 4%, erasing nearly $800 million from its market value.
The ad in question was for the mobile game “Would You Rather?,” and it presented users with two options: “Slap Rihanna” or “Punch Chris Brown.” Brown pleaded guilty in 2009 to beating Rihanna during an argument while they were dating. Rihanna issued a statement on her Instagram account calling out Snap for the ad. She wrote: “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, Shame on you.”
Snap later issued a statement calling the ad “disgusting.” further sharing that they are investigating how that happened so that they can make sure it never happens again.
Rihanna’s negative public statement comes just a few weeks after Kylie Jenner complained about Snap’s redesign, a tweet which sent Snap’s down by 6% and wiping $1.3 billion off the company’s market value.