Snap’s stock reflects a collapse. On Oct. 26, the day after its third-quarter of 2018 earnings, the price fell to $6 per share, far from its peak of $27 from the day it began trading on the NYSE. But the stock doesn’t tell the full story.

At Cannes 2017, a giant yellow Ferris wheel mesmerized advertisers. But for one agency executive, looking back, it was “symbolic of them being full of themselves. All of the sudden Snapchat woke up. We were like you were too cool and wouldn’t have a meeting with me two years ago. Well, there’s a bigger, better option now.”

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