Hey Jan, thanks for the very interesting take on the IPO filing and the deep look into it.

Hi Michael. It’s an interesting theory. I do believe Snap is working on more beyond its current app and hardware (see these two articles), but that’s not the same as saying its future isn’t the Snapchat app. It’s absolutely central to the value proposition it provides today, and also to the value of Spectacles today, and will likely remain the hub through which it both distributes and ties any future hardware into its ecosystem. Can it be more than the Snapchat app? Absolutely. But I don’t think its future ignores or excludes the app, and obviously the app is central to its business model today too.

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