So Snap is worth $24 billion, eh? That’s pretty good for a weird company that’s losing $500MM on revenues of $400MM. Its balance sheet in the S-1 (page F-20) shows around $100MM in total PP&E, of which $23MM is computer stuff and the rest is real estate and furniture, presumably all that beachfront property in Venice, CA. Oh, yes, an acquaintance of ours said his broker could get him $500K of the stock but wanted a 10% commission. Tulipmania!