Report: Snapchat turned down $3 billion buyout offer from Facebook
- Sarah Drake, Contributor
Snapchat, the mobile app whose short-lived messages have caught on with at
least 350 million users, has reportedly received and turned down a $3 billion
acquisition offer from Facebook.
The all-cash acquisition offer isn’t the first time Facebook Inc. has
flirted with Snapchat, having previously offered $1 billion for the company, The
Wall Street Journal reports.
As the messaging app wins over young users, and as Facebook's user base ages,
Snapchat represents and alluring target. Menlo Park-based Facebook is
increasingly focused on mobile users and is looking for ways to boost
advertising revenue from handheld devices.
Snapchat Inc. CEO Evan
Spiegel likely won’t considered investment or acquisition offers until next
year in hopes that the company’s users base will grow enough by that time to
draw a larger valuation, people briefed on the matter said.
Both investors and potential acquirers are attracted to two-year-old
Snapchat, which has no revenue. China’s Tencent Holdings Ltd. last
week offered to lead a $200 million investment that would value SnapChat at
$4 billion.
Snapchat would have been Facebook's largest acquisition. Facebook paid nearly
$1 billion in 2010 to acquire photo-sharing app Instagram.
Company: FB
- Sarah Drake, Contributor
The all-cash acquisition offer isn’t the first time Facebook Inc. has flirted with Snapchat, having previously offered $1 billion for the company, The Wall Street Journal reports.
As the messaging app wins over young users, and as Facebook's user base ages, Snapchat represents and alluring target. Menlo Park-based Facebook is increasingly focused on mobile users and is looking for ways to boost advertising revenue from handheld devices.
Snapchat Inc. CEO Evan Spiegel likely won’t considered investment or acquisition offers until next year in hopes that the company’s users base will grow enough by that time to draw a larger valuation, people briefed on the matter said.
Both investors and potential acquirers are attracted to two-year-old Snapchat, which has no revenue. China’s Tencent Holdings Ltd. last week offered to lead a $200 million investment that would value SnapChat at $4 billion.
Snapchat would have been Facebook's largest acquisition. Facebook paid nearly $1 billion in 2010 to acquire photo-sharing app Instagram.
Company: FB
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