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Snapchat turns down $3bn offer from Facebook

Keep moving fellas
Thu Nov 14 2013, 10:17

SEND AND DELETE PHOTO app outfit Snapchat apparently has turned down an offer of $3bn from Facebook to buy it.

The Wall Street Journal reported that the owners of the two year old company want more money and apparently sees it as worth more than three times as much as Instagram.

There is not much information to go on, but the Wall Street Journal said that the revelation comes at a time when Snapchat is being courted by other parties.

Snapchat deals with 350 million images a day, and will on occasion turn them over to the police.

Snapchat was founded in 2011 by Evan Spiegel, 23, and Bobby Murphy, 25. The Wall Street Journal reported that a funding round in June that raised $80m gave it an approximate value of $200m.

Facebook, which has been quiet about this so far, picked up Instagram in last December for $1bn. Then Facebook said that it would keep the preserving lunch for history app operation as independent as possible.

"As we said from the beginning, we are committed to building and growing Instagram independently," it said about that deal.

"Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook's strong engineering team and infrastructure. We also can't wait to work with the talented Instagram team to improve the mobile experience."

Social network Twitter approached its IPO with the intention of raising $1bn, but raised far more than that. Twitter has never shown a profit. µ


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