Snap's hypocrisy on stock rules
Snap yesterday opened trading at $24 per share, compared to its $17 IPO price, and peaked at $25.99 before closing at $24.28. Some notes:
Snapback? VCs have spent the past 18 months telling their later-stage portfolio companies to focus more on profitability, as the public markets no longer are receptive to "growth at all costs." But Snap is very much an unprofitable "growth at all costs" sort of company, and public investors slobbered all over it yesterday. This could post a serious challenge to newfound discipline among unicorns and their aspirants.