Snapchat rejects Facebook's $3bn bid

Snapchat rejects Facebook's $3bn bid
SHARE
THIS



Popular photo messaging app Snapchat has reportedly turned down a $US3.2bn from Facebook.

If the Wall Street Journal’s sources are correct the offer is three time what Facebook bought Instagram for last year.

Snapchat and Facebook have not commented on the rumour.

Snapchat’s rebuff come as other investors reportedly sniff around the two-year company with a $4.2bn bid by Chinese company Tencent Holdings also recently turned down.

The messaging service is now used to send more than 350 million messages a day, a remarkable rise from 60 million per day in February.

Facebook has been moving to aggressively monetise its platform and that of Instagram through advertising, this is one factor that could have lead to Snapchat’s refusal.

In September one of Snapchat’s founders, Evan Spiegel, said he wanted to follow the lead of chatting applications such as WeChat which makes its money not through advertising but via the sale of virtual games and goods. 

Please login with linkedin to comment

Latest News

SpotX Appoints Gavin Buxton As Asia MD
  • Advertising

SpotX Appoints Gavin Buxton As Asia MD

Video advertising platform SpotX has announced it has appointed Gavin Buxton as managing director of Asia to lead the company’s expansion in the region. Buxton has over 17 years’ global experience in the digital advertising space, having worked in leadership roles at tech and publishing companies, including Microsoft, Turner Broadcasting, and LinkedIn, with the last […]

Big Mobile Doubles Down On Ad Tech & Rebrands
  • Advertising
  • Technology

Big Mobile Doubles Down On Ad Tech & Rebrands

B&T Awards 2017 finalist Big Mobile has unveiled a fresh look to reflect its new ad tech credentials. The company successfully pivoted its business from ad network to mobile ad tech vendor when it announced a joint venture (JV) with Widespace in October last year. As a result of the business changes, Big Mobile wanted […]

March One Appoints New Senior Account Manager
  • Advertising

March One Appoints New Senior Account Manager

Independent ad agency March One has appointed a fresh face to the team, with Melanie Tozer to reinforce its mission to put humans first as a senior account manager. Tozer (pictured above), an up-and-coming talent from New Zealand, will align her extensive experience in FMCG marketing with March One, having worked on accounts for Bunnings […]

What To Expect From The App Economy In 2018
  • Opinion
  • Technology

What To Expect From The App Economy In 2018

Here's an insightful, authoritative synopsis of the app economy. So, you're right, it wasn't written by a B&T journo.

Opinion

by B&T Magazine

B&T Magazine