The madness continues.
Latest rumor/gossip on @Snapchat. After Facebook offered $3B Google offered $4B but @evanspiegel said no! Nice way to drive up valuation.
Just when you thought the Snapchat founders were crazy for turning down $3 billion in cash from Mark Zuckerberg, the newest rumor that's getting some heat is that the company turned down $4 billion from Google just a short time afterward. When Zuckerberg made his offer, some say it went as high as $3.5 billion, Evan Spielgel, Snapchat's CEO, went to Google for a "strategic investment." The company matched Zuckerberg's offer with a little extra, but Spiegel decided to wait until the company could raise some funds early next year. Essentially, Snapchat wants to get even bigger than they are now, and the bigger they are, the bigger the valuation they will get. As of now, there are some odd 300 million to 350 million snaps being sent a day, if they could raise that to 400 million, the dollar signs will get a bump as well. If Google did get its hands on Snapchat, they reportedly would have left it as a standalone app, like Instagram is to Facebook.
Hopefully Snapchat, and its users, wake up to its privacy flaws, or everyone will end up regretting some of their decisions.
[via FastCompany]
