Snapchat rejected a $3bn buyout offer from Facebook | Social Media | Mobile Entertainment

Snapchat rejected a $3bn buyout offer from Facebook

Snapchat rejected a $3bn buyout offer from Facebook
Zen Terrelonge

by

Social / Facebook / November 14th 2013 at 11:19AM

Timed media-sharing service flirts with other parties and waits to become more valuable instead of agreeing to become the new Instagram.

Facebook dished out $1 billion to acquire Instagram around 18 months ago and the platform has just started to make money by pushing ads to its 150 million users.

Snapchat, meanwhile, has become a craze to rival Instagram as 100 million users exchange 350 million snaps (photos) a day, which delete after one to ten seconds on screen.

Numbers like that seemingly caught the eye of Facebook who proceeded to bid $3 billion for the company, according to Wall Street Journal. In fact, the offer is said to have followed an earlier one worth over $1 billion.

Snapchat rejected the takeover, however, as it is currently romancing other prospective investors and buyers.

Another reason for the snub comes as 23-year-old founder Evan Spiegel reportedly wants to wait until 2014 for any offers, as usage figures will have likely surged even further by that time, adding to the company value.

The rising star recently introduced Snapchat Stories, which allows content to be shared for up to 24 hours, suggesting the swoop for increased engagement time with users will be met with a revenue generator.