Snapchat, a photo messaging application developed less than two years ago by Evan Spiegel, a Stanford University drop-out, declined a cash offer from Facebook of $3 billion to acquire the company. This offer is the biggest Facebook ever came up with.
Snapchat is a wildly popular mobile app that let users communicate by sending each other photos which automatically delete after few seconds. Founder Evan Spiegel explained that Snapchat is intended to counteract the trend of users being compelled to manage an idealized online identity of themselves, which he says has “taken all of the fun out of communicating”.
Its popularity is constantly growing. The company revealed that Snapchats usage had almost doubled in less than a year going from 200 millions in June to more than 350million in September.
This massive popularity convinced its 23 years-old CEO to reject Facebook offer. Evan Spiegel hopes his company will be able to get an even higher valuation next year. So let’s wait another year and see if Spiegel’s bet was worth it or not.