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.
“According to people briefed on the matter, Facebook CEO Mark Zuckerberg tried to approach the start-up to discuss an acquisition above $1 billion. However, Facebook was rebuffed by Spiegel, who was not interested in selling his service to the social network, according to those people,” stated The Wall Street Journal.
What is Snapchat? Snapchat is a mobile application where you can send videos and photos to friends, but it gets deleted after a few seconds of being viewed. It sort of reminds me of how the messages self-destruct in the Mission: Impossible series of movies. As of last month, Snapchat users were sending around 350 million messages per day.