network effects and product vision are pretty valuable, maybe not 24B, but certainly way more than 20m Facebook also IPOd with minimal profits, 300 million use

network effects and product vision are pretty valuable, maybe not 24B, but certainly way more than 20m Facebook also IPOd with minimal profits, 300 million users who would never be willing to pay for the service, and hordes of VCs ready to fund their competitors. Snapchats mileage may vary, but facebook now generates lots of ad revenue.