Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?

Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?

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Snapchat has reportedly turned down a $3 billion acquisition offer from Facebook and now a $4 billion offer from Google, according to Om Malik and ValleyWag.

On Wednesday, the WSJ reported that Facebook had offered an-cash acquisition deal of $3 billion or higher. (ValleyWag's source says it was closer to $3.5 billion).

Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, the people said.

Around the same time, Spiegel was also talking to Tencent Holdings and Google, the later of which offered a deal worth around $4 billion; however, ValleyWag notes that Spiegel is hoping to get the service up to 400 million snaps per day before considering a sale.

The logic behind that, said our source, is that increased traffic in the winter could get Snapchat up to 400 million snaps per day (it's currently at 350 million). If Snapchat reaches that 400 million mark, that would surpass the number of photos uploaded to Facebook each day and allow Spiegel to command a "premium price." Way premiumer than $4 billion, like the premiumiest.

Snapchat lets you send photos to friends that disappear after a few seconds. You can download Snapchat from the App Store for free.

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Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?

Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?Snapchat Turns Down $3 Billion From Facebook, $4 Billion From Google?
BA - November 16, 2013 at 7:43pm
This is a lie
Taobao - November 16, 2013 at 5:28pm
Great move, push it to 8 billions, in today's world it's about selling other people's information called a subscriber. ALL you guys just mad because you work a job all your life and you see a young guy making more than you.
Paul - November 15, 2013 at 6:50pm
Greedy CEO. Heck!, 4 billion for a lame instagram app that sets photos on a timer is enough. If you recall, instagram was bought out for only $1 billion including stock.
Camfella - November 15, 2013 at 6:47pm
There must be investors who own percentages of this company, this wasn't the decision of one man.
CaptainJapan - November 15, 2013 at 6:28pm
Stupid move on Snapchat's part. It's hardly worth 10% of what they just refused.
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