Can someone explain to me how something like Snapchat would be worth even 500 million, let alone remotely close to this 18+ billion? These kinds of valuations from the past few years scream "bubble" to me. This sort of thing is so far beyond the realm of reality that it's way past the point of being funny. It's a... farce? It seems like the industry pretends to not understand the word "million", and instead only consider the term "billion", whether or not the individual company/situation deserves it.