Snapchat reportedly turned down $3 billion in cash from Facebook

[xxMATTGxx]

Snapchat reportedly turned down $3 billion in cash from Facebook

After spending $1 billion to buy Instagram, Facebook was reportedly willing to triple that sum in a bid to acquire Snapchat. But according to The Wall Street Journal, Snapchat rejected an offer of "at least $3 billion" in what would have been an all-cash transaction. It's a startling revelation, one that suggests Snapchat's executives believe their product could ultimately prove even more valuable than what Facebook put on the table.

The Wall Street Journal's report goes on to say that Snapchat CEO Evan Spiegel won't seriously consider any acquisition offers until early next year. The young co-founder is reportedly hoping that Snapchat's meteoric growth will propel the company to an even higher valuation. Snapchat currently tallies over 100 million users, with over 350 million snaps sent through the service every day. Prior to its aggressive offer, Facebook tried in vain to halt Snapchat's momentum by copying its formula with Facebook Poke. But the messaging app has seen little attention since launch, suggesting Facebook has all but given up on the experiment.

Source: http://www.theverge.com/2013/11/13/5...uisition-offer


Was talking about this in work today. If you was the owner of Snapchat, would you have accepted the offer of $3 billion or do the same thing as Evan did by rejecting the nice offer Facebook gave him?

[myles]

yes i freaking would. i would be set for the rest of my life

[scottish]

Yes, as above set for life pls

[Jurv]

reject reject reject

facebook destroys everything

also i reckon they're worth loads more

[FlyingJesus]

I'd accept it but make them pay it all in 2p coins

[Matthew]

Err I'd probably accept, not sure though!

[Aiden]

I'd accept it and just start sometime else...
It probs wouldnt be as popular but you'd have a billion pound lol

[Futz]

I'd accept it, 3 billion is an insane amount of money, especially when they're a tiny team of people

I don't think snapchat is worth 3 billion in all honestly, I dont even think it makes much money at the minute it's just got the potential to make money because of how many people use it. I'm not sure it'll last either

also I really do think that the idea could easily ripped off by facebook without concequence by changing minor features

[Kardan]

Of course you'd accept it. I also can't believe it's worth that much. Surely this report must be wrong? And how is Snapchat even worth 3 times as much as Instagram? I'm baffled.

[Jurv]

OH 3 BILLION I THOUGHT IT SAID 3 MILLION

i think i would deffo accept then, i would love all that $$$