Snapchat Loses $1 Billion Over “Slap Rihanna” Ad

rihanna-snapchat-ad-value-shares

Highly controversial ad that asks; “Would you rather slap Rihanna or punch Chris Brown?” on Snapchat might have just cost them a big loss.

Snapchat has been under fire this week since an advert on its app asked the question above. Rihanna caught a glimpse of this and has accused Snapchat of “intentionally” shaming victims of domestic abuse.

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She reacted to the ad and the majority are in support.

“SNAPCHAT I know you know you ain’t my fav app out there! But I’m just trying to figure out what the point was with this mess!” she wrote on her Instagram story.

Rihanna clearly won’t be using Snapchat again.

“You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it!!! Shame on you. Throw the whole app-oligy away,” she added.

The ad, which was for a game called “Would You Rather”, was labelled insensitive. Chris was found guilty of assaulting Rihanna after a Grammys party back in 2009.

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Snapchat apologised for the “disgusting” ad.

“This advertisement is disgusting and never should have appeared on our service. We are so sorry we made the terrible mistake of allowing it through our review process. We are investigating how that happened so that we can make sure it never happens again,” the company said in a statement.

Snapchat’s stock value has since then dropped by $1-billion following the ‘Wild Thoughts’ hitmaker’s comments. CNBC reports that after Rihanna posted her response on Snapchat’s rival platform Instagram, Snapchat shares dropped as much as 5 percent. Estimates vary on how much the app lost in market capitalization Thursday, but it appears to be somewhere in the range of $600 million to $1 billion.

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