SnapChat To Lose $800 Million After Rihanna Backlash

SnapChat To Lose $800 Million After Rihanna Backlash

Social media Platform, SnapChat said the company to lose about 3.6% of its share value; an estimate of $800 million after the singer reacted to an offensive ad by the platform referencing her physical assault from her ex-boyfriend, Chris Brown.

The ad displayed the picture of the Rihanna and Chris Brown, and captioned it, “Slap Rihanna” or “Punch Chris Brown”.

SnapChat told CNN in a statement that the ad is “disgusting” adding that they are investigating the case.

The company said, “We are investigating how that happened so that we can make sure it never happens again.”

Chief strategic officer and head of technology research at GBH Insights, Daniel Ives, told CNN that this “error” is a big challenge for the media platform.

Ives said, “Social media platforms continue to have troubles with catching all offensive ads and content as we have seen from the likes of Facebook and Twitter.

“Snap dropped the ball on this ad.”

He added: “This is a make or break [year] for Snap and although we believe it’s heading in the right strategic direction, the Rihanna backlash and ad is another gut punch for this company to make sure they minimize the speed bumps ahead.”

The same social media platform had lost over $1 billion in February after Kylie Jenner announced that she will be deactivating her account.

 

Categories: Celebrity, News

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