Snap: The Disappearing Text
Tim Knight | Oct 21, 2022 02:31AM ET
I love the smell of bull flesh in the evening.
As you can see below, the oh-so-2017 app company Snap (NYSE:SNAP) was destroyed after hours, now having lost over 90% of its value from just last September. What a train wreck!
Snap, as you’ll recall, had the genius idea that texts/pictures would disappear swiftly after the recipient saw them, which was a forward-looking idea whose novelty lasted a few weeks. Since then, it’s become just an embarrassment. I’ve also pointed out that Snap, unwittingly, became one of the world’s largest repositories of child pornography, which I guess goes nicely with the whole “equity bull” theme.
As for the executives, they have been dumping hundreds of millions of dollars of stock onto the blinkered, pig-ignorant public, particularly in Q3 2021 when the stock was literally 900% higher than it is right now. You will kindly note there is ZERO purchasing of stock.
Which means that the supermodel that Snap founder Evan Spiegel bought and paid for is as happy as can be. Both of them are. After all, they dumped their stock on the public and don’t have a care in the world. As for the “investors” who bought this shit………….shame on them.
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