Snapchat stocks significantly drop after Rihanna blasts ‘ignorant’ Ad that referenced her physical assault from Chris Brown
Days ago, Social Media Network, Snapchat ran an offensive advert that asked its users if they would rather “slap Rihanna” or “punch Chris Brown”.
The advert was a reference to Brown’s 2009 conviction for physically assaulting his then-girlfriend, which Snapchat said was “reviewed and approved in error”.
But soon after Rihanna blasted the ‘ignorant’ advert via her Instagram stories, about $800 million of Snap’s market value were erased. Shares of the Snapchat app also dropped 3.6% to close at $17.20 right after the Pop star’s response, according to Wall Street Journal.
Meanwhile, Snapchat has since apologized for the ad on Wednesday, saying the advert was reviewed and approved in error.
“The advert was reviewed and approved in error, as it violates our advertising guidelines,” the company said. “We immediately removed the ad last weekend, once we became aware. We are sorry that this happened.”