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Snapchat said to rebuff $3 billion offer from Facebook

Snap chat headquarters in Venice, Calif.

Facebook made Snap chat, maker of an app for exchanging ephemeral messages, an offer of lasting worth: $three billion in cash, according to The Wall street Journal. Snap chat, actual to its form, discarded the deal simply because it does the 350 million messages it handles day by day.

The rebuffed offer, more than three times the worth of fib’s a hit bid for Integram, comes as 2-12 months-outdated Snap chat explores a big funding round at around a $4 billion valuation.

Though the Venice, Calif.-based totally firm doesn’t earn cash or disclose the exact dimension of its person base, Snap chat has managed to capture the attention of teens and teens, a crowd that’s tiring of fib. The app is also estimated for use by 9 percent of adult mobile phone house owners in the us, in step with research performed by means of Pew.

A $3 billion offer for earnings-much less app guidelines at face book’s desperation to purchase the love of the internet’s youngest users. The social community had prior to now bid more than $1 billion for the simple ship-it-and-overlook-it utility, consistent with The Wall Boulevard Journal. Snap chat’s refusal, incredible although it could be, suggests that the young firm is getting exactly the phrases it wants because it considers taking hundreds of thousands and thousands of dollars in financing from investors.

Snap chat co-founder and CEO Evan Spiegel most likely will not imagine an acquisition or an investment until early 2014, sources informed the Journal. For his sake, it is easy to handiest hope that disappearing messages don’t vanish from pop culture simply as quickly as they arrived.

Fib declined to touch upon the rumored bid. Snap chat did not immediately respond to a request for remark.

 

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Author: Rohit Shetty

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