When facebook was valued at 15B, they had 150M in revenue: http://www.wired.com/2007/10/facebook-future/ http://www.wired.com/2007/10/facebook-future/ So if f

When facebook was valued at 15B, they had 150M in revenue: http://www.wired.com/2007/10/facebook-future/ http://www.wired.com/2007/10/facebook-future/ So if facebook is the benchmark, it doesn't support your valuation of $200B for snapchat with 50M in revenue.