Snap Inc is extremely close to officially being "worth" less than it was at its 2018 rock bottom.

1,690,000,000 shares / $7,170,000,000 ​ =$4.2426... At $4.24: Snap would officially be "worth" less than it was at its 2018 rock bottom. It currently trades for $4.5 which means it has about 5 % more to go before it reaches its lowest ever recorded market cap. Points suggesting that’s a sensible situation: \- Snapchat is becoming less popular in its most profitable region, North America. Their latest earnings report showed the number of daily active users fell by 5 % in the region. \- Specs (the AR spectacles) could fail. \- As time passes and the Share Based Compensation and insider selling continue it becomes less likely that it will ever end. \- TikTok is gaining popularity \- Regulatory bans is becoming a bigger threat \- Gas prices have never been higher. Consumer spending is challenged and small to medium sized businesses which are the primary driver behind Snap ad revenue will need to make cuts to their ad expenses. \- War in Ukraine, War in Iran, Tariffs and potentially a trade war. Points suggesting SNAP is irrationally cheap: \- They’ve pivoted from a strategy of user growth to a strategy of profitability. Revenue is diversified and not solely ad dependent. \- 25 million subscribers. “Other revenue” which is all revenue except for ad revenue is generating a substantial portion of total revenue. $1 billion of revenue was achieved a few weeks ago, all from “Other revenue”. \- Specs (AR glasses) is expected to launch publicly in 2026. It could generate a lot of revenue and buzz. \- Last earnings generally showed positive numbers except for the decline in daily active users in North America. \- India is becoming a massive Snapchat user base. They have 250 million users there. \- Snapchat is very close to achieving its milestone of 1 billion monthly active users. Is a company really a dying company if it has 1 billion users? \- The situation in Iran could change for the better ie de-escalate. The market will rally, especially beaten down stocks that rely heavily on consumer spending sentiment.