Why Snapchat is worth $19 billion (or more)

I am very doubtful of this valuation…


An executive—his/her name isn’t important to this tale—stopped by Fortune‘s New York headquarters sometime last week. At one point during our conversation, Snapchat came up.

“You see what Snapchat’s doing lately?”

“No. I try to limit the number of messaging apps on my phone. Late adopter.”

“What they’re doing is amazing. The new Discover feature? They’re so far past ephemeral messaging.”

The enthusiasm was infectious. (And no, the executive didn’t work for the company in question.)

On Wednesday news broke that Snapchat was reportedly raising a new round of funding that would value the Los Angeles company at $19 billion. It’s an astounding figure if you think about it—a few billion short of the current market value of Tesla Motors [fortune-stock symbol=”TSLA”], Elon Musk’s groundbreaking electric car company, and ahead of Symantec [fortune-stock symbol=”SYMC”], by some estimates the world’s leading cyber security company. It would make Snapchat the third-most…

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