Honestly, the features that Facebook added isn't really innovative. I'm sure they must have a really nice, highly optimized backend and such but if SNAP can stay independent and IPO, I'm pretty sure Instagram could have managed to as well.

If you think about it, SNAP would be doing a lot better if Facebook hadn't bolted on the stories feature on Instagram. The Facebook version of stories really really sucks.

All in hindsight of course. But it seems like a shame, a real missed opportunity to create value and stay independent at the same time.

Facebook’s value add isn’t features, it’s money (in the form of ad sales).