When Kylie Jenner teased her King Kylie cosmetics drop earlier this month with a 24-hour exclusive campaign on Snapchat (complete with a nostalgic dog filter), it felt like a full-circle moment. After her early Snaps helped turn the app into a hub for celebrity, influencer and brand content, Jenner’s off-hand 2018 tweet asking, “sooo does anyone else not open Snapchat anymore?” wiped roughly $1.3 billion from the company’s market value in a single day. Does Jenner’s return signal a comeback — not just for her beauty brand, but for Snap Inc itself?