Snapchat stocks dropped by almost 5 for each penny after singer Rihanna got out Snapchat for running a promotion that downplayed aggressive behavior at home by referencing the 2009 episode when the artists then beau Chris Brown physically struck her.
Snapchat stocks dropped on Thursday as the promotion quickly got a vocal reaction via web-based networking media, with notables like Chelsea Clinton approaching to scrutinize Snapchat's judgment in running the advertisement, reports time.com.
Snapchat deleted the ad on Tuesday 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. We immediately removed the ad last weekend, once we became aware. We are sorry that this happened."
Rihanna wrote :
"Now snapchat I know you already know you ain't my favourite 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!"
This isn't the first time this year that Snap Inc. has felt the star power of a celebrity affect their holdings; in February, Snap stocks dropped over 7 per cent after Reality TV star Kylie Jenner sent a dismissive tweet about Snapchat.
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