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Because Snapchat's valuation is solely based on their technology?

Snapchat had the right product with the right marketing that lead them to gaining a large user base with high engagement.

Furthermore, is Campbell's valuation based on their soup recipe? I can make chicken soup in hour. They are valuable for their brand, distribution, and production capabilities.

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> Snapchat had the right product with the right marketing that lead them to gaining a large user base with high engagement.

You can say this of any fad. The ice bucket challenge certainly engaged millions of people, but that doesn't mean it's a brand worth investing billions.

Snapchat success came by fraud. They lied their audience about the self destruction of their messages.

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