Snap, inc., the parent company of SnapChat, has largely let shareholders down since it’s initial public offering (IPO) on March 3rd 2017, losing a whopping 33.4%. Last week after hours on Friday May 5th, the company reported $2.2bn in losses, according to the Wall Street Journal.
Facebook, one of the most valuable companies in the world, has implemented some very similar technology to SnapChat in both its main platform as well as Instagram, which has actually seen stronger usage than SnapChat itself.
Scott Galloway over at L2 sheds some light on these developments, and also throws some shade at Millennial investors in his New Winners & Losers video:
- Winner: Instagram ($FB) is killing Snapchat ($SNAP), and driving Facebook’s ($FB) value
- Loser: About.com is rebranding as DotDash given it’s fall from SEO grace via Google algorithm changes
- Loser: Millennials – 80% of Millennials aren’t invested in public markets (we’re here to fix that, by the way)
- Winner: Robinhood – $1.3Bn valuation, 2m users, Robinhood’s free stock trading platform is FinTech’s newest unicorn
- Winner: The final clip of Scott’s video (watch until the end)
Are you in the 80% of Millennials who is abstaining from the market? Or are you in the 20% of folks who are joining the party? Let us know in the comments!