Think that was worth 2%?

Fred Destin weighs in on Snapchat and that old no revenues debate after skeptics questioned Facebook’s $3,000,000,000 offer for Snapchat:

“A few years down the road, YouTube is clearly a phenomenal acquisition. How would you like to be in the shoes of the company who paid under $2 billion for the world’s largest media and music site ? The 2% of dilution or so that facebook suffered on Instagram delivered them a large part of the answer to their biggest existential threat, their weakness in mobile. Think that was worth 2%?”