The material differences between FB and Snap are not their offering prices or share structures. The material difference is the product - who it will appeal to,

The material differences between FB and Snap are not their offering prices or share structures. The material difference is the product - who it will appeal to, and how long it will remain appealing. When FB went public, they had a product that was appealing to parents, grandparents, and everyone else. Snap has currently a niche offer, that may not get traction into other demographics. In order to justify their valuation they have to have a ubiquitous penetration, and I don't see them getting it - at least not with the offer they have today.