“they have this enormous moat. If you think about this as a…” — Acquired at 49:52
“they have this enormous moat. If you think about this as a competition between social networks, Facebook is the social network. They have it. It exists. And then you look at where is Snapchat's core user base. It's in preteens and then teens who were building their social graph online for the first time. And they…”
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