Snap stock falls as alleged CEO comments rile some on social media

Snap stock falls as alleged CEO comments rile some on social media

Snap stock falls as alleged CEO comments rile some on social media

A campaign to #BoycottSnapchat and #UninstallSnapchat also began trending on Twitter on Sunday, while shares of Snap- the parent company of Snapchat -fell to their lowest level in almost a month on Monday.

According to recent reports, Snapchat has strongly refuted the allegations made by their former employee Anthony Pompliano who claims that its CEO Evan Spiegel made a statement that the app is only for rich people and not for poor countries like India and Spain.

And then, Adnan Sami hit back to prove his patriotism for India. However, some Indians in their outrage over the perceived insult to the country have turned to vengeful social media action against the application by encouraging a boycott via uninstallation and bad reviews.

The claims emerged last week when documents were made public from a lawsuit by Pompliano against Snapchat's parent company, Snap.

The dip put Snap on track to close at its lowest level in almost a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years.

The most recent hackers claim to have hacked the Snapchat app a year ago, but it appears they only leaked the data onto the dark web in response to Spiegel's comments. Hashtags like #BoycottSnapchat and #Uninstall Snapchat have also started trending on Facebook and Twitter.

"Obviously Snapchat is for everyone!" a spokesman told Newsbeat.

Snapchat has more than four million users in India. It's available worldwide to download for free.

It's after a former employee accused Snapchat's chief executive Evan Spiegel of saying the app was "for rich people" in 2015. According to The Economic Times, thousands of Indians are mistakenly deleting the app of e-commerce giant Snapdeal rather than Snapchat.

Latest News