Snapshot · Pivot
If Snap achieved Reddit's forward revenue multiples, it would be worth 3.5 times its current market cap, suggesting significant undervaluation of its core business.
Where this was said
At 1:04:15 · chapter starts 1:00:25
Scott builds the bull case for Snap's core business before making his activist call. The social network has 1 billion monthly active users, over $6 billion in revenue, subscription revenue of $1 billion growing at 60%, and — if re-rated to Reddit's forward multiples — could be worth 3.5 times its current market cap. [1] — Scott Galloway "Snap: $6B+ revenue, growing 10%/yr: Snap has over $6 billion in annual revenue still growing 10% per year, with subscription revenue of $1 …" 1:03:52 The problem is the Specs division, which has consumed $3.5 billion over a decade for essentially zero return. Scott argues that a disciplined activist taking 5-10% of the company could force Evan Spiegel to either spin Specs into a separate entity or shut it down entirely, unlocking the core business's real value. He frames the broader IPO market backdrop — predicting 20 new hedge funds from SpaceX, Anthropic, and OpenAI employees heading to Europe this summer with fresh wealth — as context for why activists will be flush and aggressive.
Kara argues The View's J.D. Vance interview was the best political interview she's seen — more effective than any network news appearance. They were fair, pushed back appropriately, and created a genuine viral moment. The one killer question they missed: 'What would you do differently from Trump?'
Snap has spent $3.5 billion on Specs hardware over a decade — about a third of its adjusted EBITDA per year — with no real return. The core business has $6B in revenue growing 10% and $1B in subscription revenue growing 60%. Scott predicts an activist will take 5-10% of the company in the next 3 months and force a spin-off or shutdown of Specs.
Snap has spent $3.5 billion over the past decade on Specs hardware, representing roughly a third of adjusted EBITDA annually, with no meaningful return.
Snap has 1 billion monthly active users and is one of only 4 scaled social networks, giving its core platform significant strategic value.
Snap has over $6 billion in annual revenue still growing 10% per year, with subscription revenue of $1 billion growing 60% per year — making its core business attractive despite the Specs distraction.
Snap's subscription revenue of approximately $1 billion is growing at 60% per year, demonstrating a valuable core business that the Specs division is overshadowing.
Despite strong download numbers, PropGPT could not push past $1,000–$2,000 MRR due to poor product retention.
After their rebuilt app launched, Eyal and Yali hit $30,000 MRR in just 10 weeks.
PropGPT achieves a 48% conversion rate from app download to free trial sign-up.
For every user who downloads PropGPT, Eyal and Yali generate approximately $3.30 in revenue.
Before the rebuild, PropGPT had a 45% download-to-trial rate but only 13% trial-to-paid conversion, revealing a product quality problem.
PropGPT peaked at $40,000 MRR and 2,000 downloads in a single day during the NBA playoffs campaign.
A single viral influencer video with 600,000 views drove PropGPT's ARR from approximately $8K to $38K in about 3 days.
PropGPT runs at roughly 50% profit margins after accounting for marketing, data APIs, hosting, and tooling costs.
PropGPT spends approximately $10,000 per month on influencer marketing.
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