Snapchat's parents company Snap Inc. begins life as a publicly traded company at a moment where business is not the best for small technology startups. Social media companies like Facebook, Twitter, Snapchat, etc. They are currently dominant in the stock market in their respective categories. Around 10-15 years ago, Union Square was one of the technology stock industries biggest backers. Union square is starting to back off investments in that sector due to the fact that startups can back out as soon as they come in. Even large companies such as Facebook have proven vulnerable in this sense.
https://www.wsj.com/articles/snapchat-investors-found-their-golden-goose-in-a-field-of-turkeys-1488537002
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