Facebook Attempted To Purchase Snapchat For $3 Billion
Facebook founder Mark Zuckerberg likes to buy hot things. He was reportedly rejected twice when attempting to purchase Twitter, and now, the Wall Street Journal reports that SnapChat founders turned down a $3-billion cash offer for the instant-photo app.
Although sources close to people at Snapchat claim that the company won’t be entertaining acquisitions or investments until early next year, Tencent Holdings offered to lead an investment round that would value the company at $4 billion.
Still, like Twitter, Zuckerberg has been rejected twice. He previously tried to purchase Snapchat for $1 billion—the same amount he paid for Instagram.
Snapchat allows users to send photos to one another, and the receiver has just a few seconds to view it before it disappears into the abyss. Back in August, one app, available on the App Store for 99 cents, cracked that code and allowed pictures to be saved. But that clearly hasn’t stopped Snapchat from running full-steam ahead.
In August, Snapchat was seeing 350 million snaps per day.