If Evan sold Snap to Facebook when Mark wanted to buy it, Snap would have been turned into what is Instagram today. Mark & Facebook really only have one trick when buying companies - turn them into a newsfeed and make everything public and push celebrities and public figures to use the platform.

Instagram and Snapchat today are two fundamentally different products, and Snapchat is estimated to capture more of the younger demographics in more markets.

Sure, you can say that Instagram today has about 100 billion valuation compared to 15 billion for Snapchat, but the race is far from over. Snap recently exceeded a 100 billion valuation as recently as 2021.

> They would need to pare back their operating costs quite a bit to break even

Their cloud commits from their S-1 is still an all timer for me. Billions of dollars.

Snap consistently has excessive SBC - their stock awards are top in the industry.