Hate to be negative, but this could be their "Groupon Moment". When Google offered Groupon $6bn for the company, they said no because they thought the hockey stick would never end. Now they're in shambles, and nobody is cashing out like they thought.

Snapchat is a GREAT product, but the potential for monetization is limited and there are a lot of negative things about its security coming out lately. Seems like a good time to "take the money and run", but maybe they'll prove me wrong.