It's interesting to compare the two IPOs. Twitter opened at $26 and closed at $44 at a valuation of $25bn. Twitter had $650M revenue in 2013 for EBITDA of -$525M. Snap closed at $28bn valuation, had $404M in revenue in 2016, and EBITDA of -$460M. Twitter had roughly 100M DAUs and 230M MAU whereas Snap has 150M DAU and over 300M MAU. Snap is also 2 years younger than Twitter was and the number of minutes spent on the platform per user is much higher.

So, all the numbers are wacky and who knows.