Today, Snap starts its life as a publicly traded company—the buzziest tech IPO of the year and likely the most valuable in the US since Alibaba debuted in 2014. The event carries the fascination of an impending rocket launch: Is this thing actually going to take off? Or will it crash and burn in a huge, morbid spectacle (of Spectacles)? Snap has tried to sell investors on the idea that it has cachet other social platforms don’t. Invest in us, the company urges.

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