Snapchat is a popular messaging app where users send each other photos and videos through mobile devices that self-destructs within seconds. According to a report found by VC Experts, Snapchat is going to be raising around $54.5 million with a $2 billion valuation. This is substantially less than the $200 million that they were rumored to be raising after turning down an acquisition offer from Facebook. The report does not indicate whether all the authorized shares were sold, but the company would be valued at $2 billion if they were.
Snapchat has hired Emily White from Instagram as their new company chief operating officer (COO). White has been the director of mobile partnerships at Facebook since 2011. She was put in charge of Instagram and was responsible for bringing ads to the photo social network last month.
Snapchat founders Evan Spiegel and Bobby Murphy are being sued by ousted co-founder Reggie Brown. Spiegel acknowledged that Brown came up with the idea behind Snapchat, but he ultimately decided that Brown could not handle being a co-founder of the company. Spiegel, Murphy, and Brown were all connected through the Kappa Sigma fraternity at Stanford University.
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Snapchat, the mobile application that lets users take photos or videos that self-destruct after a few seconds of your friend seeing them, is now hitting 400 million snaps every day. This is up from 350 million in September and 200 million in June.
Earlier this week, it was reported that Facebook made a $3 billion offer to buyout Snapchat. Snapchat is an app that is available on all major mobile platforms. Chat messages, photos, and videos that are sent through Snapchat self-destructs after a few seconds of viewing them. Now it is being reported that Google made a $4 billion offer to buyout Snapchat. Around 350 million messages are sent through Snapchat per day.
Facebook Inc (NASDAQ:FB) has reportedly made a $3 billion cash offer for Snapchat, but got turned down. Snapchat is an app that is used for sending messages to friends that self-destructs after a few seconds of being viewed. This rumor is based on a report by The Wall Street Journal. Snapchat is now hitting around 350 million messages per day.
Snapchat founders Evan Spiegel (CEO) and Bobby Murphy (CTO) are being sued by Reggie Brown. Brown was one of Spiegel’s and Murphy’s classmates at Stanford University. Brown claimed that he came up with the idea for Snapchat where messages would disappear after reading them. New information was filed on October 23rd by Brown. Brown is also suing Snapchat’s investors.
According to The Wall Street Journal, Facebook was interested in buying out Snapchat for over $1 billion. Snapchat CEO Evan Spiegel was not interested though. Spiegel and Snapchat co-founder Bobby Murphy did not need Facebook to make them rich because they already became millionaires during previous rounds of funding.
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