You need to look at the big picture here. Young people aren't watching TV. Ad spend by the likes of P&G, Nike, and the auto industry is still largely on TV. Also, Silicon Valley largely hasn't been able to capture brand advertising -- the spend on billboards, sports stadium advertising, etc vs. direct-response like Google AdWords. Ask anyone in the industry， they'll tell you direct-response spending is a drop in the bucket compared to spend on brand advertising.

Now, tell me, one the ad industry wakes up and realizes how absurd it is to dump billions of ad spend onto a platform with rapidly declining viewership (linear TV), where is all that ad spend going to go?

Maybe a communications platform that's used heavily by young people (great for advertisers), to send pictures and short videos (ads?) to each other in a playful, unhurried manner?

I don't know whether that's worth $20 billion or whatever its "valuation" is, but these dumb cheap shots against ad supported tech company valuation need to end. These platforms are as big as like, several big TV networks combined in viewership, with about 100x better ad targeting. How isn't that worth billions?