Snapchat’s stock drops by $800M after running of an insensitive domestic violence ad involving Rihanna
Rihanna stopped just short of scalping Snapchat on Thursday, delivering a scathing response via Instagram to a tasteless, offensive ad that appeared on the Snapchat app asking if users would rather “slap Rihanna or punch Chris Brown.”
Now it looks like Rihanna didn’t just snatch Snapchat’s wig; she also seized its stock value.
CNBC reports that after Rihanna posted her response on Snapchat’s rival platform Instagram, Snapchat shares dropped as much as 5 percent. Estimates vary on how much the app lost in market capitalization Thursday, but it appears to be somewhere in the range of $600 million to $1 billion.
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