A few things
$Snap Inc (SNAP.US)$
Snapchat was a 100 billion dollar company making no money. If you ever logged onto snapchat the only way to see the ads is to watch the stories but majority of users only use snapchat to send each other snaps. Also the apple privacy rules were going to hit them hard and the market didn't react to it at all. 56% of all snapchat users are on iPhone. Snapchat also has a historically move of 17%. Yet the options chain was only pricing in a 10% move. So I knew is Snap missed earnings it would get hit hard. So I wasn't afraid of any IV crush.
Snapchat was a 100 billion dollar company making no money. If you ever logged onto snapchat the only way to see the ads is to watch the stories but majority of users only use snapchat to send each other snaps. Also the apple privacy rules were going to hit them hard and the market didn't react to it at all. 56% of all snapchat users are on iPhone. Snapchat also has a historically move of 17%. Yet the options chain was only pricing in a 10% move. So I knew is Snap missed earnings it would get hit hard. So I wasn't afraid of any IV crush.
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