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ExtraTorrent.cc > Articles > Snapchat Declined Facebook Buyout Offer

Snapchat Declined Facebook Buyout Offer

Snapchat Declined Facebook Buyout Offer

Added: Tuesday, November 19th, 2013
Category: Geek Zone > Technology News
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
Snapchat, the fast-growing messaging system that registers 5 million daily users, has rejected a $3bn buyout offer from Facebook. The financial experts point out that the offer came as other investors valued the loss making 2-year-old service at over $4bn. At $3bn messaging system would be the most expensive acquisition of the social network ever.

The application has been downloaded by 9% of mobile users throughout the United States. It allows users to send messages and images with an expiration date – i.e. they are deleted from the recipient’s device after being received. Snapchat claimed to be handling over 350m messages every day.

Evan Spiegel, 23, the co-founder and CEO of the service, decided to wait until early 2014 before considering any offers. Apparently, he hopes that Snapchat’s numbers will grow enough to justify a larger valuation. In fact, Snapchat’s valuation has been growing along with its user base – for example, in June 2013 the company raised $60m from investors that valued it at $800m. There were reports that Facebook offered $1bn for the company earlier in 2013, while China’s Tencent was discussing an investment that would value Snapchat at over $3.6bn.

Back in October, Pinterest, a social scrapbooking company, had raised $225m in new funds at a price which valued the company at $3.8bn. In the meantime, valuation of Snapchat and its social media peers will likely soar after Twitter’s IPO, which has valued the company at over $23bn.

Industry experts point out that the rapid growth in the company’s valuation reminds that of Groupon, the Internet discount company which has also rejected a $6bn offer from Google before filing for an IPO. Two years ago, Groupon started trading and was valued at over $16bn, but soon crashed to less than $4bn. However, the company has since recovered and is now worth about $7bn.

November 19th,2013

Posted by: 

Date:  Tuesday, November 19th, 2013

Comments (6) (please add your comment »)

posted by Turtle (2013-11-19 19:12:55)
Warwicked avatarCompany with no revenues valued at $3 billion? Take it before the bubble bursts!

posted by Site FriendET loverSupermanSunTurtle (2013-11-19 19:25:59)
Soup avatarDevelop ET's very own chat app? hmmmmm.......

posted by (2013-11-19 22:16:16)
jdrockz avatarWhy i don't get these ideas..

posted by ET junkiemen (2013-11-20 00:53:34)
4GET avatarwhats going on folks ..where has the day gone when we go out and chat
with folks on the street that is priceless ...

posted by Blocked (2013-11-20 06:35:36)
majordik avatarWhat a greedy major idiot. Even IF it became more valuable than the 3 BILLION OFFERED. That is more money anyone can spend in a multiple life times; hell you could live like a king on the interest alone.
Sell it before some one comes up with something similar and better. Then your SOL..,.
Too many people think using this app they are okay and because it "deletes" in one to ten seconds - NOT.
You can use another app to "capture" it before it "deletes" which it does NOT..

posted by (2013-11-21 23:09:21)
No avatar3 billion dollars for a free app. and, he said no. wow just wow

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