But Snapchat is not public and that makes a world of difference. Its valuation is based on a group of investors that likely have a totally different risk tolera

But Snapchat is not public and that makes a world of difference. Its valuation is based on a group of investors that likely have a totally different risk tolerance and time horizon that the market as a whole. The terms of their investment are also likely totally different than the terms you get as a standard shareholder of a public company. E.g. if they have liquidation preference, that's going to distort the valuation calculated based on their investments.