How much is "Email" worth? If you could "own" Email, but not have any way to monetize the transport of messages, and no way to charge for the service, how much is it worth solely because billions of messages are transmitted with your service daily?
Since when are "messages" valuable? Come on, who wants to own a Protocol?
The big risk for Twitter, Snapchat, and some degree Facebook is the more money they attempt to make off of users, from advertising, the easier it is for someone else to start a less intrusive competitor. The cost of creating, launching, and maintaining a service like this will keep dropping.
Facebook purchasing Snapchat is just creepy. They think delete=hide.
You really think Snapchat deletes the images? Lets pretend they did, I bet the NSA keeps a copy.
laughable.
Unless they've got a very clever model that is more advanced than what you've described or that FB or Twitter have ever used it's a very long shot. Unless the owner has a personal issue with FB and didn't want their money for this reason I do not believe this was a sound business decision.
I'd love to be wrong but I don't think I will be in this case.