Snapchat Might Really Be Worth $10 Billion
Drug use is on the rise in Silicon Valley: There are 1.4 million prescriptions for the opioid hydrocodone in the Bay Area (population 7 million), and ambitious tech workers are doing more and more street drugs such as cocaine, meth and heroin, the San Jose Mercury News recently reported. Current start-up valuations certainly look hallucinogen-induced. Ephemeral messaging app Snapchat, which has not made a cent in the three years since it was conceived in a frat house, is now reportedly worth $10 billion -- less than eight months after chief executive officer Evan Spiegel spurned a $3 billion takeover bid from Facebook.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Talking North Korea and Iran With Israel's Rocket Man
- Trump Falls on Ceremony. He Should Stop Trying.
- Trump’s Quiet Campaign to Undermine Background Checks
- Stick With Numbers When Judging Trump's Rally
- Richard Spencer Has Only Himself to Blame for Hecklers
- Why You Don't Know Anybody in the Military
- U.S. Tried and Failed to Stave Off Iraq's Advance on the Kurds