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In 2013, Facebook offered to buy Snap for $3B. The CEO turned them down.
Today, Snap is worth $21B.
But had they sold for $3B in Facebook stock and held, they would have $22B.
Lesson: always sell. (View Tweet)
How to Turn Down a Billion Dollars is looking less and less like a "visionary win" for Evan Speigel, and more like a omen about the trouble of monetizing a business model when your core audience is full of teens who are trying to send lewd pics back and forth.
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