Snapchat CEO's net worth tanks $150 mn after Rihanna's rant

19 March, 2018, 13:20 | Author: Chad Mckenzie
  • Rihanna's criticism of Snapchat sees company lose almost $1bn

The assault further shocked many observers when Rihanna, one of the most successful singers of the 21st century, temporarily resumed her relationship with Brown afterward.

Shortly after Rihanna's post, reports said Snapchat stocks dropped 4%, causing a $800 million deficit.

Rihanna suffered domestic violence at the hands of Chris Brown while they were still in a relationship.

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The ad, which Snapchat called "a mistake", came from the app Would You Rather and asked if users would rather "slap Rihanna" or "punch Chris Brown".

The ad for Android and iOS game "Would You Rather?" appeared on Snapchat around March 11, surprising the social media app's users.

Chris Brown was convicted in 2009 of beating Rihanna, his then girlfriend, who was forced to miss the 2009 Grammy Awards.

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Post the furor on social media, Snapchat deleted the ad and issued a statement and apology in an interview to the BBC, stating: "The advert was reviewed and approved in error, as it violates our advertising guidelines. Shame on you. Throw the whole app-oligy away." . In a blistering Instagram post, the singer slammed the app for shaming domestic violence victims and wrote, "Shame on you". It added, "We are so sorry we made the bad mistake of allowing it through our review process".

Snapchat said that most of its commercials are purchased through a self-service platform but are subject to a review that should have prevented the commercial from being published. Although, the deed is already done as Snapchat's stock plummeted by almost 4 percent by the end of Thursday when Rihanna's post went live. In another statement, the company called the ad "disgusting" and assured fans that they were going to investigate how it was able to make it through their approval process.

In February, Kylie Jenner - once a prolific Snapchat user - announced she no longer used the app, prompting a massive stock downturn.

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"Sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad".

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