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Illustration: Sarah Grillo/Axios

Before Lyft or Uber or WeWork, there was Snapchat. A red-hot, multi-billion dollar startup that melted upon contact with the public markets.

Why it matters: It's a cautionary tale for those who are quick to leave the 2019 cohort for dead. Snap shared many of the unfavorable traits of those that would follow. Giant losses, unclear path to profitability, and a CEO whose hubris and poor communication skills had damaged both morale and product development.

  • It went public in early 2017 at $17 per share, sinking below $5 per share by the end of 2018. To say there was pessimism about Snap's future would be overstating it, since few people still cared enough to consider an opinion. Dead unicorn walking.

The state of play: Since then, however, Snap has clawed its way back. It finally mastered Android, significantly increased its revenue-per-user, and CEO Evan Spiegel learned to listen, delegate, and be transparent.

  • Shares briefly topped their IPO price in July and, while only at $13.40 as of this writing, the company just crushed analyst expectations for Q3.

What's next: Snap still faces massive challenges, squeezed between incumbent Instagram and an insurgent TikTok, and too many employees remain underwater on their stock options.

  • But its falling knife did rebound and should remind all of us that long-term outcomes needn't be memorialized in the moment.

Go deeper: Snapchat adds 7 million daily active users

Go deeper

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the US-Mexico border wall at Friendship Park in San Ysidro, California in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.

Biden picks up his pen to change the tone on racial equity

Vice President Harris looks on as President Biden signs executives orders related to his racial equity agenda. Photo: Doug Mills-Pool/Getty Images

President Biden is making a down payment on racial equity in a series of executive orders dealing with everything from private prisons to housing discrimination, treatment of Asian Americans and relations with indigenous tribes.

The big picture: Police reform and voting rights legislation will take time to pass in Congress. But with the stroke of his pen, one week into the job Biden is taking steps within his power as he seeks to change the tone on racial justice from former President Trump.

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.