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Snapchat CEO Turns Down $3 Billion Cash Offer from Facebook
In news that will likely make your head swim no matter how much money you have (or don’t have) in the bank, Evan Spiegel, the co-founder and CEO of Snapchat, the popular (but, it should be noted, completely revenue-free) photo messaging app reportedly turned down a $3 billion cash acquisition offer from Facebook.
Spiegel is expected to turn down all such offers on Snapchat until next year at the earliest, when he hopes to have even more Snapchat users and messages under his belt, which will increase the app’s potential value significantly.
For its part, Facebook is said to be interested in Snapchat due to its extremely high use on mobile phones, which is a huge area of advertising revenue for the company. Watch for more news on Snapchat’s eventual fate as the new year approaches.