Facebook Reportedly Offered $1 Billion to Acquire Snapchat

Investor worries regarding the growing number of potentially overfunded tech companies seemed to have died down in recent months, but new information surrounding popular app Snapchat could renew talk of a tech bubble

Facebook offered $1 billion in a bid to acquire photo-sharing app Snapchat, according to The Wall Street Journal, citing sources briefed on the matter. Snapchat CEO Evan Spiegel reportedly turned down the offer, although sources did not specify when the offer took place

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That $1 billion number may sound familiar because it’s exactly what Facebook paid to acquire another photo-sharing app, Instagram, just last year. The deal was roundly lauded as a move that could help bolster Facebook's staying power, as it struggles to hold onto users who are growing tired of blogging about their lives, instead preferring to share photos via mobile apps Read more...

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via Mashable http://mashable.com/2013/10/26/facebook-snapchat/?utm_medium=feed&utm_source=rss