Turning down a $3bn offer made Snapchat famous for its bold vision. But now Facebook is catching up, leading some to predict a ‘long and painful death’

For years Snapchat was seen as David to Facebook’s Goliath, but it looks as though the underdog has lost its swagger.

Shares in the messaging app’s parent company Snap fell sharply this week after one of the investment banks that helped to take the company public downgraded its stock.

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