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Jonathan Weil

Zuckerberg and Other Geniuses Can Be Duped

Facebook investors should be glad that Snapchat turned down the company's $3 billion offer.

As bubble antiheroes go, they don't get much better than Snapchat Inc. The company seemed to have everything: a must-have technology, legions of youngsters hooked on its messaging service, plenty of buyout feelers. And then, in an instant, the world received undeniable confirmation that it had been duped.

The photographs and videos that the company said would quickly disappear forever after you sent them from your smartphone? You should assume they didn't, especially if you were naked in them. Nothing goes away on the Internet. Everybody knew that already. It was too good to be true. But sometimes people just want to believe, and they get carried away.