Snapchat turns down $3billion from Facebook & $4billion from Google UPDATE: $10billion valuation

[newarkhiphop]

UPDATE:

LOS ANGELES – Snapchat, the wildly popular messaging app favored by young folks, has quietly raised new funds that bring its valuation to nearly $10 billion, according to a report in the Wall Street Journal.

Citing "people with knowledge of the matter," the WSJ says venture capital firm Kleiner Perkins Caulfield and Byers and other investors have put in new funds that bring Snapchat to nearly $10 billion.

Last year, Facebook offered to buy the company for $3 billion, but was turned down by co-founders Evan Spiegel and Bobby Murphy, who started the app as students in a Stanford University dorm room.

Kleiner Perkins is one of the early investors in Google, Facebook, Uber and Twitter.

Snapchat is known for its app that permits users to send photos that can disappear within 10 seconds, and has yet to begin monetization efforts. Online reports have popped up recently suggesting that Snapchat would begin testing ads that like photos, would disappear, beginning later this year.

"The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community," says Snapchat spokeswoman Mary Ritti. "We have no further comment at this time.

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.

http://m.complex.com/tech/2013/11/snapchat-google-4-billion

 

[Liquid]

I think its a stupid move...accept that 4 billy from Google and keep it moving.

Shout out to "DIGG" for holding out, I am sure someone will hit them with a crazy offer soon

 

[LucaBrasi]

http://m.complex.com/tech/2013/11/snapchat-google-4-billion

Stupid they ain't never making more than that if they keep it... Snapchat just a fad breh's I would've sold that shxt faster then Supermans NUT

 

[VladTheImpaler]

yeah a bad move... they will be like Groupon... same thing.... turned down billions as well...lol

 

[FrostBite]

I bet this will come back to bite them in the ass. Snapchat doesn't generate any revenue. If they think they're somehow going to get a better offer than this, they're out of their minds.

 

[the cac mamba]

4 billion

youre never gonna NEED more than that anyway so damn

imagine if tom had turned down that 580 mil for myspace, hed be regrettin that shyt

 

[Red]

The homie feeling himself a little too much thinking his little soft porn voyeur app is gonna change the world.

His buzz gonna disappear quicker than a photo on his app

 

[Swiggy]

I'm selling, and sending y'all PS4s and XboxOnes

 

[STAN JONES]

Never heard of snapchat so I checked the play store and it seems stupid

You just take pics and send them to friends but nothing is saved

Man I need to make a app so I can get paid

 

[TheGreatShowtime]

Make a useless app to send pictures to friends so that they can view it for 30 seconds and turn down billions of dollars, brehs

 

[HipHopStan]

Bad move, but I'll gladly take that $3/4 billion from them if they're just wanting to throw away some money.

 

[ahomeplateslugger]

these ceos and founders of tech companies are so smart but make some of the dumbest business decisions ever. gotta put your foolish pride to the side and see the truth of what you have.

 

[Pimp]

LOL this is how Mark Cuban got rich he was smart enough to sell a company that's worthless now. How stupid can this guy be lol.

 

[One4Deuce]

I'd sell my soul for $4 billion.

 

[Real]

Snapchat is like those stupid ppl from Shark Tank that won't take the deal