Facebook Lures Snapchat With $1Bn Offer

By SiliconIndia   |   Monday, 28 October 2013, 13:17 Hrs
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Bangalore: The social media giant, Facebook made a whooping offer of $1 billion, to acquire Snapchat, reports Wall Street Journal.

Snapchat CEO Evan Spiegel was reported to reject the proposal and no further detail on the matter is available. None of the companies were available for immediate response. 

In a similar deal last year, Facebook exchanged the sum of $1 billion to bag the photo sharing app Instagram. With young social media users showing an increased likeness towards sharing photos and pictures than updating their status, acquiring Snapchat is thought to be a good move from Facebook. The media giant even made an app named ‘Poke app’ which was a Snapchat clone that allowed users to send photos that disappeared after a short amount of time. The photo sharing app claims 350 million photo messages per day.  

Critics who raise their eyebrows on Facebook acquiring Snapchat should be reminded about Twitter, which had a similar start. Today the messaging platform stands being an essential part of the media with a total value of $11 billion, awaiting approval to go public. If the Snapchat deal is fixed, the app would be listed together with Instagram as a Facebook startup.
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