Snap is a red flag that does not put shareholders' interests first. Its growth comes mainly from countries with low pricing power while it plateaus or declines in the West. It has long diluted shareholders in a way that enriches its founders, and the CEO and his co-founder control over 90% of voting rights, leaving shareholders powerless. It should have been acquired when it had the chance. @Ashton_1nvests sees a path from about $6 to $20 or more. x.com 

Snap's stock-based compensation is the main problem, and its CEO is a further negative. 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 is not investable until at least a change in management. Per @HatedMoats, Meta and Google have tried to buy Snap for years, even at 3x its value, and been refused each time. The CEO, who owns about 10%, should take a sale at the right price, such as $30B, or risk being left with nothing. x.com 

Snap is a textbook case of shareholder value destruction through failed execution, massive stock-based compensation and super-voting shares. Per TechCrunch, it is now spinning off its AI video team into a new company, Dotmo, because of high costs. x.com 

Snap should work because CEO Evan Spiegel needs access to capital to get where he wants to go, which requires shareholder alignment; the plan does not work without either. A replier adds that getting Specs to market requires a high stock price. 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 

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