Snapchat CEO's net worth tanks $150 million after Rihanna's rant

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Wrote Rihanna, 30. "I would love to say that it is ignorance, but I know they are not that stupid!"

Snapchat launched an advertisement in which relativized the aggression suffered by the singer Rihanna by her ex-boyfriend Chris Brown.

Earlier this week, the pop star hit out at the company for an advert that encouraged users to either "Slap Rihanna" or "Punch Chris Brown". In 2009, Brown pleaded guilty to physically assaulting Rihanna during an altercation.

The statement resulted in a stock drop of several percentage points for the app.

It comes as no surprise, therefore, for Rihanna to call out Snapchat for its ad.

Rihanna slammed the ad campaign and pointed out how it belittles the plight of domestic violence victims, including women, men, and children who are experiencing it and those who haven't made it out yet. "Y$3 ou let us down". We reserve the right to reject or remove any ad in our sole discretion for any reason.

Najib in Sydney for ASEAN-Australia Special Summit
Signatories agreed to share intelligence and strengthen law enforcement cooperation, among a host of other joint initiatives. Australia and Asean have inked a deal for lending a hand in tackling terrorism and extremism funding.

Netizens began sharing screengrabs of Rihanna's post and that of the ad, with most of their reactions echoing Rihanna's sentiments about the insensitivity of the ad.

Even Chelsea Clinton spoke up. Terrible that anyone thinks this is amusing...

As reported by Vulture, Snapchat explained that the ad was apparently reviewed and approved in error and that it completely violates their set guidelines. We immediately removed the ad last weekend, once we became aware. "Very bad that any company would approve this", Chelsea Clinton, the daughter of Bill and Hillary Clinton, wrote on Twitter. In another statement, the company called the ad "disgusting" and assured fans that they were going to investigate how it was able to make it through their approval process.

However Rihanna did not accept the apology and after she took to her Instagram story to share her disgust with the ad, people noticed Snapchat's stock had dropped by almost 5 per cent equating to around Dollars $800 million in total losses.

Snap shares slid 4.5 per cent to $17.05 at 1:46 p.m.in NY, as reported by Bloomberg Technology last Friday, March 16.

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