So, what is up with SnapChat?!?!?!?This spring SnapChat (SNAP) went public by conducting an Initial Public Offering (IPO).It was a much-anticipated IPO for a new technology company.Some analysts valued the company in the tens of billions of dollars.The IPO opened at a price of $17 per share and within a few days traded at $29 per share.Since then the stock has fallen considerably over the past 4 months and is now at $12.65 per share.So, what happened?Why is the company worth less than 50% of what it was trading at just a few months ago?Using the company's primary financial data provided in the Doc Share (first quarter 10K as well as its SEC Form S1 from the IPOI) evaluate the SNAP situation.Both documents are in the Doc Share Folder Unit 12.You do not need to read both documents (but scan them quickly for financial information that is helpful in understanding the situation from a valuation perspective.You can do some additional research if you like, but it is not necessary as the two provided docs have what you need to evaluate the company.Build a valuation model from that information that values SNAP today and projects outward.Tell me what you think they are worth using your valuation skills and models.I am not interested in what the experts think, I would like to see your best thinking and an original model and analysis.Explains your methods including the approach you took to value SNAP.