I don't have an opinion on SNAP but I'll tell you what I know about past industry game changers, and you can arrive to your own personal conclusion because investment is a very personal reason.
One way to examine a company's future outlook is to examine what other companies in that industry thinks, what they did, and how the industry is performing. In the early 90's during the rise of Tex-Mexican, a food chain company called Chipotle received a majority investment from McDonald. In the early 2000's, during the rise of social media, a social media company called, facebook received a significant investment of $250M from Microsoft. Do you notice the trend? Essentially, the investment is called a hedge. If I think a company is going to ruin my company, I'm going to invest in that company so if I lose money, and they make money, I'll come out equal. The shareholders does not lose and you don't get the flack from shareholder about losing money because when a Microsoft shareholder loses money on MSFT, they make money on FB, and so they OK, and business can continue going. In fact, under market expansion assumption, the shareholders makes a bit more money because social media is a new market expansion of new consumer and industry not tapped by MSFT like media.
Note, my comment is only about emerging technology and not old industry. Old industry do not apply the same reasoning because the entire industry could be stagnant like semiconductors .