Did Snapchat turn down a $3 billion offer from Facebook?

Did Snapchat really turn down an offer from Facebook to buy the popular messaging service for $3 billion? That’s what the Wall Street Journal is reporting, citing unnamed “people briefed on the matter.”

The report may demonstrate the growing interest around new social media and online messaging services, according to the Journal.  But it also underscores recurring speculation that  younger Internet users are drifting away from Facebook in favor of those newer upstarts.

Facebook, you may remember, paid $1 billion last year to buy Instagram, another potential rival that’s popular with the younger set. So many are wondering if Facebook’s even more generous offer for Snapchat is a sign the world’s largest social network is worried about yet another competitor.

The report’s drawing plenty of buzz on Twitter, with some expressing surprise at the size of the offer, and others drawing a parallel to reports a few years back that Google offered $6 billion in an unsuccessful bid to buy Groupon – which isn’t doing so well these days.

And there were lots of jokes playing off Snapchat’s signature feature – images sent on the service can disappear after ten seconds, rather than lingering on forever. (Note, this tweet isn’t serious):




Share this Post

  • Craig Anderson

    I hope Snapchat gets buried in debt – this reminds me of how MSFT wanted to buy YHOO for $33/share but stupid stubborn Jerry Yang said NO

    That was 6 or 7 yrs ago – YHOO has finally exceeded that price. They suck

  • Jack Mehoff

    This was a momentous mistake by Snapchat. That kind of money offer will never come across his desk again. Why the hell would someone not accept 3 billion dollars and then use a portion of that to create something else, something different and better. Classic display of unmitigated greed by snapchat’s CEO/owner. If he has half the brain used to come up with and implement snapchat, he will call fb’s Z and accept his offer with some minor amendments. Just don’t ask for anything really important in those amendments to make Z feel he won afterall, when Z will be the loser again, paying way too much for another company.