According to a Business Insider report, a new regulatory filing unearthed by VCExperts, which measures data on private companies, shows that Snapchat will only raise $54 million, a steep drop from the rumored $200 million round. But the biggest nosedive is the ephemeral trendsetter's valuation. The filing says investors value Snapchat at $2 billion—not the $3 billion, or $3.5 billion, or $4 billion