Snap Inc the popular social media Snapchat application rejected a Facebook offer of $3 Billion. While in the past year 2016 they rejected 10 times that amount offered by Google.
According to sources, Google tried to buy snapchat for $30 Billion 10 times that offered by Facebook in 2013.Snap Inc managed to get private funding of almost $20 Billion before this offer was discussed.
Facebook has launched similar features like snapchat on all of their platform namely Facebook, Instagram and Whatsapp and because of that brands are preferring Facebook’s apps rather than Snapchat to advertise their products. We wish the company had taken that offer.
Snaps shares are currently at $12.50 which values the company at $14 Billion and the market cap is in a declining state since its IPO. The market cap was $24 Billion when it went public since then there’s a drop of $10 Billion in value.
In 2013 also Google tried to acquire snapchat for $4 Billion when they turned down the Facebook’s offer. Google wants a successful social network product and tried many times with Google+.
If google acquire snapchat, it will be a good move to compete with Facebook and help them to generate more ad revenue
Snap Inc should do something with their product or their stock will continue to sink. People hoping Snap will get acquire since the rumour of the buyout.