American computer software company Adobe Inc., owners of the Adobe Creative Suite, which includes Photoshop, Illustrator and Premier Pro, recorded a steep stock price rise of 3.3 per cent amid UK Princess Kate Middleton’s photo editing fiasco. The company’s market cap has risen by 3.3 billion.
As the social media discourse over the Princess of Wales’ edited Mother’s Day photo continues, Adobe coincidentally witnessed a boost in its stock price at the end of Monday’s trading.
The Nasdaq stock exchange listed Adobe’s closing price on Friday as $551.69. It opened at $552.45 on Monday and closed at $560.42 later that day.
It is unclear whether the fallout over Kate’s edited image contributed to the stock price fluctuation, but social media discourse and speculation have coincidentally served the company well.
Adobe will report its fiscal Q1 2024 results on Thursday, March 14, after market close.
Amid ongoing health conspiracy theories, following a ‘planned abdominal surgery’ back in January, the UK Princess issued a photo of her and her three children on Sunday, reportedly taken by her husband.
Later, multiple news agencies, including Associated Press, Agence France-Presse, Getty, and Reuters, pulled the snap when social media users pointed out numerous errors in the image. AFP also issued a ‘kill’ notice to its partner publishers, saying the photo had been recalled “due to an editorial issue.”
The mistakes included Kate missing her wedding ring to areas where her children –Charlotte and Louis’s clothes did not match up.
On Monday morning, Kensington Palace stated the princess, “Like many amateur photographers, I do occasionally experiment with editing.” She said, “I wanted to express my apologies for any confusion the family photograph we shared yesterday caused. I hope everyone celebrating had a very happy Mother’s Day. C.”
