"at which point it will become worthless? Like Facebook?" Every company goes through the hype phase. What is 'left over' is usually the raw utility of the prod

"at which point it will become worthless? Like Facebook?" Every company goes through the hype phase. What is 'left over' is usually the raw utility of the product. 'Parents' got onto Facebook and continue to use it = some degree of utility. Teens 'stay on' because of the ubiquity of it. Snap is not Facebook. It's very possible that 'parents' never go onto snap, because it offers them little outside of messaging. 'Sharing moments' is just not what people > 30 care to do that much. Maybe some, but not likely a critical mass. Furthermore - even these features are somewhat faddish among the young. There is a very real possibility that Snap is a huge fad, with very little underlying utility. Now - Snap is different. They refer to themselves as a 'camera company' so maybe they can keep innovating, but I'm doubtful. But if they position themselves as an 'aspirational youth brand' - then they might stay relevant. Think: Nike, Lululemon - they make pretty good gear used by 'real atheletes/yoga types' - which gives the brand enough validation for you and I and other chumps to pay $$$ for their gear while we sweat it out. They are LA based, which is good for that. Also - those 'snap glasses' - even though they were not very 'useful' - actually were a brilliant bit of marketing, and hit the zeitgeist of relevance perfectly. So either/or: 1) They make an app that appeals to 'everyone' - which I doubt. 2) They continue to innovate in 'camera/sharing/experience' perpetually, which I doubt. 3) They can stay cool. Which I also doubt, but wouldn't put it pas them. Again the issue is also real valuation: $25 Billion is a lot of valuation for a company that's not making any money. I don't care what their 'growth' is. What matters is 'how big they can grow, how well they keep customers, and how well they convert on them'. I'm doubtful that Snap - as we see it today is going to grow into commodity usage. Twitter has I think a broader appeal - and look where they are. Facebook did not change that much from after their IPO - the product offer is largely the same. The same thing millenials used, their parents and grandparents used. I don't think Snap can say the same. They could be succesful, but there's a lot more risk in it than say, FB - and that risk should be reflected in the valuation.