Kylie Jenner tweet wipes $1.3 billion off Snapchat’s value

Snapchat’s value has fallen by $1.3 billion following its much criticized redesign. The explanation for the decline? A damaging tweet from reality TV star Kylie Jenner who Tweeted concerning her disapproval of the app, saying “Sooo does anyone else not open Snapchat anymore?” Although Jenner followed up with a second tweet saying, “still love you […]

(via Cult of Mac – Tech and culture through an Apple lens)

Cult of Mac

Recode Daily: Kylie Jenner shaded Snapchat and Snap shares sank $1.3 billion

Plus, new AirPods are coming, Uncle Sam’s secret bitcoin hoard, how China became a tech superpower and an iPod time capsule.

Kylie Jenner wiped out $ 1.3 billion of Snap’s market value with a single tweet. Or so the story goes. The social media influencer, model and famous sister has 24.5 million followers, and when she tweeted yesterday that she hasn’t been using the Snapchat app lately, Snap shares sank as much as 6.1 percent. Meanwhile, Wall Street analysts are noticing a downtrend in user engagement, following increasingly negative reviews of the app’s recent redesign. [Justina Vasquez / Bloomberg]

Angry Birds game maker Rovio Entertainment lost up to 50 percent of its stock value yesterday after warning that profitability would fall short of forecasts. The Finnish company blamed increased marketing costs and other investments for the gloomier outlook. [Jussi Rosendahl and Tuomas Forsell / Reuters]

Apple is working on the next iteration of its successful AirPods wireless earbuds, which may be available as soon as this year. The new model will let users summon Siri by voice, and will include a upgraded Apple-designed wireless chip, which will improve Bluetooth connections. Wearables, including Apple Watch, were the second-largest contributor to the company’s first-quarter revenue growth after the iPhone. [Mark Gurman / Bloomberg]

Inside Uncle Sam’s secret bitcoin hoard: Bitcoin’s enduring popularity among online wrongdoers and its growing presence in criminal busts has led to digital currency seizures and sales by the government. At least $ 1 billion worth of digital coins, and possibly much more, has spent time in the custody of U.S. law enforcement. [Jeff John Roberts / Fortune]

The FCC published an order yesterday officially repealing net neutrality rules, effective April 23. The order — called “Restoring Internet Freedom — completes the Trump administration’s reversal of Obama-era open-internet regulations. But some opponents have just begun to fight. [Devin Coldewey / TechCrunch]

Here’s a deep look into how China moved from imitation to innovation and became a tech superpower. Another long read finds that ambitious Chinese investment is paying off with serious advances in biotech computing and space — is China edging ahead of the West? [Christina Larson / Wired UK]

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