Investors who bought into the hype surrounding Snap Inc. (NYSE: SNAP) are learning a painful lesson about the dangers of radically overpriced stocks. Snap went public in March and soared 44% on its first day of trading, earning a market capitalization in excess of $30 billion. That strong showing was despite the company’s horrific financials. Snap produced just $404 million of revenue in 2016, along with a net loss of $514 million.