One of the hottest, most widely-anticipated IPOs in years took place in March of this year – – Snap, Inc., which is, of course, the owner of the Snap app (although they insistently refer to themselves as “a camera company”.) Perhaps another mission statement is in order, however, as they appear to have now expanded to……….Halloween costumes.
No, I am not making this up. The one and only product from Snap you can purchase on Amazon is, in fact, this costume in which you can pretend you are a hot dog.
So the company has never made a dime, and in fact loses hundreds of millions of dollars, and its shareholders have managed to lose half their money since this dog (so to speak) went public:
In spite of this fiasco – – and laughable diversification of its business model – – I must again request that you cut Evan Spiegel, Snap’s CEO and founder, some slack, as he continues to be fully distracted by his new wife, Miranda Kerr, who found Mr. Spiegel terribly attractive around the time he made his gigantic fortune. How about that.