[shalmanese]

But that just pushes the question one layer of abstraction deeper. Why would that person be willing to buy Snap shares from you at any price?

On a long enough timeline, you have to believe that Snap will either disburse dividends, be acquired by another company or find some other way to convert ownership into actual cash.

[tyre]

They would buy because they believe they can sell it later at a higher price, based on the belief that other people want to buy $SNAP and will drive the price up.

I'm not avoiding your question—I agree that it should be based on underlying value—but that seems to be the only reason to buy $SNAP