Newspaper article Daily Examiner (Grafton, Australia)

Snapchat Rejects $3B; Big Guns Go after 23-Year-Old's App Idea

Newspaper article Daily Examiner (Grafton, Australia)

Snapchat Rejects $3B; Big Guns Go after 23-Year-Old's App Idea

Article excerpt

Byline: Tim Walker

TWO years ago, his Stanford University classmates were scoffing at his idea for a new kind of instant messaging app. This week, 23-year-old Snapchat co-founder and chief executive Evan Spiegel is reported to have turned down an offer from Facebook of $3billion for his young firm.

According to The Wall Street Journal, Mr Spiegel and his business partner Bobby Murphy, 25, declined a cash offer of "close to $3billion or more" for Snapchat. It would have made it Facebook's most expensive purchase to date, dwarfing last year's $1billion acquisition of the photo-sharing social network Instagram.

Facebook boss Mark Zuckerberg had apparently approached the Los Angeles-based firm with a previous offer in the region of $1bn but was rebuffed. His new bid was also declined, said the paper, because the Snapchat chief executive is holding out for even higher offers early next year, when he expects the app's user numbers to have ballooned further. …

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