Social media investors can be as faddish as teenagers. When Snapchat was released a decade or so ago it was dismissed as little more than a sexting app. Popularity with users then prompted the biggest tech market listing since Facebook. Within months it was written off as a Wall Street flop. Now it is back in demand. Its return has lessons for Elon Musk’s impending ownership of Twitter.
社交媒体投资者也可以像青少年一样赶时髦。大约10年前，Snapchat刚发布时，人们对它不屑一顾，认为它不过是一款色情短信应用。之后，Snapchat在用户中大受欢迎，促使Snapchat的上市成为自Facebook以来最大的科技市场上市交易。几个月后，它就被认为是华尔街的一大败笔。现在它又重新受到追捧。它的回归给即将拥有Twitter的埃隆•马斯克(Elon Musk)上了一课。
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