Snap has been treated like an ATM by CEO Evan Spiegel, with no operating income a decade after going public. Its Specs glasses are unlikely to sell at meaningful scale for $2,200 each, and Snap badly needs executives capable of saying no to clearly horrible ideas. x.com  x.com  x.com 

Snap is a weak company because of CEO Evan Spiegel's product judgment. Its new Specs AR glasses, shown publicly for the first time, look so unappealing that they may be the first product ever to launch and not sell a single unit. x.com  x.com 

Snap's Spectacles cannot deliver meaningful commercial value within five years, making a funding partner essential to avoid years of cash burn. At best, they are a prototype, with zero chance of profitability in the next couple of years; the glasses will never sell at the scale needed to make a difference. Without a partner, Snap stock is dead money. Even so, Snap remains a good asymmetric bet on Evan Spiegel changing course, with little downside from here if he does not. x.com  x.com  x.com  x.com 

Snap's new Specs AR glasses are a horrendous product design that no one will ever wear, and no one around CEO Evan Spiegel will tell him so. @StockSavvyShay notes the reveal helps explain how Snap can be down over 90% during one of tech's best bull markets. Snap remains a lesson on hot IPOs and one of the biggest dog stocks ever. x.com  x.com 

Snap is an eternal value trap: cheap on paper, but weighed down by regulatory headaches, TikTok eating its lunch and endless dilution. x.com 

Snap as a whole trades around a $10 billion valuation, half the $20 billion floated for a stake in its Specs AR unit, so buying the entire company effectively gets the ad business for free. x.com 

Snap is an easy pass: its new Specs AR glasses look goofy, the shiny reflective coating makes them worse, and management doesn't care because it was already paid through stock compensation and salary for creating the product. x.com 

Snap is uninvestable because nobody is going to wear its new smart glasses. A quoted post notes the stock has fallen for five straight years and the company is now trying to sell $2,500 goggles. x.com  x.com 

Snap's Specs and AI platform are drawing heavyweight partners: Nvidia, Salesforce and Amazon teamed up with Snap for Snap Intelligence and Enterprise. Gen 1 Specs suit early business adoption, but consumer adoption hinges on comfort and style, so the next generation must shrink the frame and move hardware into a small pod off the glasses, as Meta got right. Nobody refused a Walkman or iPod because of a wire. x.com  x.com 

Snap is one of the worst-run public companies relative to its potential, and CEO Evan has proved he is terrible at creating shareholder value. Stock-based awards to the board and over 5,000 employees dilute shareholders about 4% a year. Per @WOLF_Financial, Q1 EPS missed at -$0.05 versus $0.09 expected, the EBITDA guide fell short and Snap ended its Perplexity deal. It is not a dead company, but there are many better opportunities. x.com  x.com  x.com  x.com