Rihanna took to Instagram to chastise Snapchat for glorifying domestic violence:
Now SNAPCHAT I know that you already know you ain’t my fav 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 dumb! You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it!!!
It was not lost on the Shock Exchange that Rihanna used Instagram, a Snapchat competitor, to clapback at Snapchat and CEO Evan Spiegel. Snapchat removed the ad from its platform immediately and admitted it was approved in error. However, the damage was done. SNAP fell 5% immediately after Rihanna got her dander up. The stock has not stopped falling. SNAP was trading around $18 with a $23 billion market capitalization. It is now just under $7 with a $9 billion market cap. Snapchat wanted heat with Rihanna and it lost $14 billion.
