In February 2021, Dispo was the hot app defining a new generation of photo sharing. Then a scandal forced founder David Dobrik to step down. Just four months ago, Dispo, the photo-sharing app that allows users to take retro-style pictures that they can’t see until 9 a.m. the next morning—much like a disposable camera—looked unbeatable. It had a fresh take on the single-most-popular digital activity for a generation stressed out by the pressures of Instagram perfection. It had the funding to grow and a buzzy valuation of $200 million for an app still in beta.