Snapchat reportedly turned down $3B offer from Facebook
If Facebook can’t win the hearts of teens, they’ll try to buy their way in. According to The Wall Street Journal, popular time-bomb messaging service Snapchat reportedly refused a $3 billion offer from Facebook. Reports say that Snapchat founder and CEO Evan Spiegel doesn’t want to sell or accept an investor until at least early next year, when the userbase will be bigger.
Facebook had tried to emulate Snapchat with an iPhone app that pretty much flopped — Poke. More younger users flocked to Snapchat because many of these people don’t want messages to last longer than a few seconds, keeping messaging truly private. Where Facebook wants to connect the world, Snapchat’s use is best fit for intimate, private 1-on-1 conversations.
According to The Wall Street Journal, analysts have valued Snapchat as high as $4 billion.
Originally, the report shows, Facebook attempted to purchase Snapchat for $1 billion (roughly the offer for Instagram), then upped the offer to $3 billion.