Sure, but it's a factor and it's not like Snap is doing great otherwise. Startups have less money, but invent new fields because of the differentiated advantag

Sure, but it's a factor and it's not like Snap is doing great otherwise. Startups have less money, but invent new fields because of the differentiated advantage that comes from being smaller and faster (among other things). This is Snap competing in the same arena against Zuckerberg who is a lot better capitalized and better at it. It'd be one thing to do if Snap was otherwise firing on all cylinders and trying to expand into the platform of the future, but it seems like they never recovered from Apple's ATT and are blowing money on passion projects that are not competitive. What do I know? I'm just an outsider, but I'd buy Meta and sell Snap. If you disagree, the other direction is probably a lot more profitable if you're right.