Snapchat Lost $800 Million After Rihanna Criticized Its Offensive Ad
Snapchat came under fire earlier this week after running an ad created by a third party, which modeled itself after a “Would You Rather?” game.
Singer Rihanna denounced an ad that appeared on Snapchat making a game of domestic violence that featured photographs of her and Chris Brown. And the social media app's stock price went tumbling.
One of the would-you-rathers—which asked users to choose whether they would prefer to “slap Rihanna” or “punch Chris Brown.”
This drew criticism from users of the app, as well as from Rihanna herself, whose callout post on Instagram apparently cost the app $800 million.
Snapchat stocks plunged by 4 percent on Thursday, according to The Wall Street Journal, losing the app nearly a billion dollars this week—evidently due to Rihanna fans who decided to delete the platform from their smartphones.
Snapchat apologized for the ad after pulled it from the platform Monday, saying in a statement, “The advert was reviewed and approved in error, as it violates our advertising guidelines.”
"Now SNAPCHAT I know you already know you ain't my fav app out there," Rihanna said in a statement posted Thursday on rival social media platform Instagram, where she has 61 million followers. "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!!!"
The company's stock quickly fell 6 percent, erasing more than a billion dollars from its market value, said CNN.
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Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
Snapchat’s Offensive Rihanna Ad Cost the App $800 Million
TAGS: RIHANNA, SNAPCHAT, TECHNOLOGY, CHRIS BROWN,
snapchat, rihanna
