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Facebook Offered To Buy Snapchat For $3 Billion, And Snapchat Said No

Evan Siegel, the founder of Snapchat, just turned down a reported $3 billion from Facebook to buy his app.

Facebook Offered To Buy Snapchat For $3 Billion, And Snapchat Said No

[Image: Flickr user cellanr]

Snapchat, the blink-and-you'll-miss-it photo-messaging service, turned down a $3 billion offer from Facebook, rumored earlier this year to be developing its own version of the ephemeral app. Facebook's logic behind the bid is clear: Photo and video sharing may be on the up, but the younger demographic are not doing it via Facebook—Snapchat, WhatsApp, and Pheed are the preferred mediums.

Sources say the offer was not Mark Zuckerberg's first, but Evan Spiegel, the Snapchat cofounder, reckons the firm is worth more. Indeed, a current round of funding, led by Chinese firm Tencent Holdings, values the firm at $4 billion. According to the Wall Street Journal, the 23-year-old would prefer to wait until next year before selling, when he will get rid of a block of his own stock.

The photo-sharing app, this year's bete noir for parents worried about their teens' sexting habits (it deserves a better reputation, to be fair) has a big admirer in Kevin Systrom, Instragram's CEO—himself an object of Mark Zuckerberg's affections. Earlier this year, he told Fast Company's Austin Carr that Snapchat was doing "an awesome job of creating new behaviors you wouldn't expect."