Issue No. 210: Meanwhile in Palo Alto


At press time, $SNAP is trading at near lows after the news that Facebook’s “Stories” have surpassed Snapchat in users. In previous letters, we’ve alluded to what is now being observed: a bet for Snapchat is a bet against Facebook / Instagram. For each new cloned feature, Snapchat’s business model suffers.
See more of the issue here.

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