Rihanna is the latest celebrity to send Snap’s stock sliding.
The singer tore into the app on Thursday for allowing an offensive ad to appear on its platform. Her remark sent Snap (SNAP)’s stock down nearly 4%, erasing nearly $800 million from its market value. Snap’s stock opened slightly down Friday.
The ad in question was for the mobile game “Would You Rather?,” and it presented users with two options: “Slap Rihanna” or “Punch Chris Brown.” Brown pleaded guilty in 2009 to beating Rihanna during an argument while they were dating.
Rihanna issued a statement on her Instagram account calling out Snap for the ad.
“Now SNAPCHAT I know 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!” the singer wrote. “I’d love to call it ignorance but I know you ain’t that dumb. You spent money to animate something that would intentionally bring shame to DV victims and made a joke of it.”
Snap issued a statement to CNN calling the ad “disgusting.”
“We are investigating how that happened so that we can make sure it never happens again,” the company said.
The incident highlights the dangers of self-service ad platforms, which lets companies buy and submit ads without human negotiation. Many social networks use this method. In its ad policy, Snap says ads submitted to the platform are “subject to our review and policy” and doesn’t allow content that depicts “excessive violence.”
Daniel Ives, chief strategy officer and head of technology research at GBH Insights, told CNN that it’s a big challenge for Snap.miamitight.com