Snapchat has released a statement after they reportedly lost $800m in market value after Rihanna blasted them for an offensive ad that referenced her physical assault from Chris Brown.

The company shares also dropped 3.6% to close at $17.20 right after the Pop star’s clapped back at Snapchat for running the offensive advert that asked its users if they would rather “slap Rihanna” or “punch Chris Brown”.

In the statement issued to CNN, the Social Media Network called the ad “disgusting” and said they are looking into the controversial case.
“We are investigating how that happened so that we can make sure it never happens again,” the company said.

Daniel Ives, chief strategy officer and head of technology research at GBH Insights, told CNN that it’s a big challenge for Snap.

“Social media platforms continue to have troubles with catching all offensive ads and content as we have seen from the likes of Facebook and Twitter,” Ives told CNN. “Snap dropped the ball on this ad.”

He added: “This is a make or break [year] for Snap and although we believe it’s heading in the right strategic direction, the Rihanna backlash and ad is another gut punch for this company to make sure they minimize the speed bumps ahead.”

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.”

Snapchat forced to apologise for offensive Rihanna and Chris Brown advert

Social Media Network, Snapchat has been forced to apologise for causing an outrage after they ran an offensive advert in question 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 was “reviewed and approved in error”.

The offensive advert has since been pulled down after it attracted series of negative reactions on social media.

American Activist, Brittany Packnett condemned the social media network for approving an ad that “makes light of domestic violence”

In a statement to Mashable, a Snapchat spokesperson said: “The ad was reviewed and approved in error, as it violates our advertising guidelines. We immediately removed the ad last weekend, once we became aware. We are sorry that this happened.”