Published: Sun, March 18, 2018
Life&Culture | By Rose Hansen

Rihanna Snapchat Controversy Costs The Company Big As Stock Plummets

Rihanna Snapchat Controversy Costs The Company Big As Stock Plummets

"Shame on you. Throw the whole app-oligy away", Rihanna said in her sharp comments following which the Snap Inc.

Snapchat's stock dipped almost 4 percent and lost about $800 million from its market value after Rihanna called out the social media platform for its offensive advert earlier this week. In a blistering Instagram post, the singer slammed the app for shaming domestic violence victims and wrote, "Shame on you".

On Monday, Snapchat pulled the ad from the platform and released an apology. The tone-deaf ad immediately drew criticism from fans, and later Rihanna herself, who posted her sentiments on her Instagram story.

"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", Ives told CNN.

Following Rihanna's statement, Snapchat responded by apologizing again: "This advertisement is disgusting and never should have appeared on our service".

However Rihanna did not accept the apology and after she took to her Instagram story to share her disgust with the ad, people noticed Snapchat's stock had dropped by almost 5 per cent equating to around Dollars $800 million in total losses. It added, "We are so sorry we made the bad mistake of allowing it through our review process".

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Snapchat's stocks were down 4 percent Thursday.

In 2009, Brown pleaded guilty to felony assault after Rihanna accused him of beating her and trying to push her out of a auto. The 30-year-old singer also pointed out how it was irresponsible of Snapchat to allow such an ad to run on their app and how ignorant they were to spend money on something so vile. Snap's stock closed down 1% on Friday.

"The advert was reviewed and approved in error, as it violates our advertising guidelines", the company told the BBC.

The app lost over $1 billion in stock value last month thanks to Kylie Jenner, so they should be trying to avoid disaster at all costs.

Kim Kardashian's half-sister had tweeted to her 24.5 million followers: "sooo does anyone else not open Snapchat anymore?"

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