[toomuchtodo]

> This provides a lot of flexibility with very little liabilty to get their platform massive.

This is completely untrue. They are committed to spending that money with at least Google (whatever they don't use in infra, they have to make up with a true up payment). I don't know the AWS terms, but they would have to be successful at a level that is completely unrealistic for this to be financially sound (considering their growth numbers show users have tapered off).

https://twitter.com/dannysullivan/status/827274299929026560

"Snap’s daily active user grown went from single digit to flat last year"

If user growth is flat, and you're not yet profitable, the only nob you can turn is more ads or making ads more expensive for ad buyers. Neither option will endear Snap with either party.

[matt_wulfeck]

It's much easier to go belly up with chapter 7 and not have to sell millions and millions (billions?) in physical assets then to simply say "sorry, we're out of business" to the contracts for future obligations.