Snapchat, a rapidly growing messaging service, recently spurned an all-cash acquisition offer from Facebook for $3 billion or more, according to people briefed on the matter. The offer, and rebuff, came as Snapchat is being wooed by other investors and potential acquirers. Chinese e-commerce giant Tencent had offered to lead an investment that would value two-year-old Snapchat at $4 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. A Snapchat spokeswoman declined to comment.
Like it? Tweet it.
"WSJ: Snapchat Turned Down $3 Billion Offer from Facebook" by @ShellyPalmer
600,000 subscribers and counting...
We write a daily newsletter featuring current events and the top stories in technology, media, marketing and entertainment.Subscribe