Well that didn’t take Snap very long.

At least Twitter had a fleeting, ascendant post-IPO honeymoon period. Remember when Twitter seemed like the well-executed social media IPO compared to Facebook? For the first two months it was public, its market cap surged from around $15 billion to peak at nearly $40 billion.

Of course that surge in value turned out to be a blessing and a curse: It ultimately only intensified Twitter’s valuation trap. Twitter is today around $12 billion-- way too expensive for anyone to buy it especially now that it’s one of the remaining sites still solidly on board with spewing nazi hate speech into the world, refusing to evenly enforce its own terms of service...