Investors have effectively just done what no self-respecting
person ever should: wear sweatpants in public. With Snap’s $3.4
billion initial public offering they have simply given up giving
a damn. They handed their money over to an immature company and
in the process abrogated their rights to fair treatment, good
governance and reasonable valuations. If the $24 billion
self-styled “camera company” run by a 26-year-old fails to
achieve its ambitions, shareholders have only their capitulated
selves to blame.
Snap founder Evan Spiegel’s disappearing-message application has
many things going for it. One of these attributes — its virtual
inaccessibility by anyone over the age of 30 — may have helped
its IPO. Few seasoned portfolio managers wagering on the maker of
rainbow-vomit photo filters will have properly vetted the product,
though they will have perhaps gauged its popularity by monitoring
their children’s mobile-data usage.
Tell us what you really think.