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| Evan Spiegel, the founder of Snapchat, dropped out of Stanford University just before graduation to develop his app |
Two years ago, his Stanford University classmates were scoffing at
his idea for a new kind of instant messaging app. This week, 23-year-old
Snapchat co-founder and CEO Evan Spiegel is reported to have turned
down an offer from Facebook of $3bn (£1.9bn) for his young firm.
According to The Wall Street Journal, Mr Spiegel
and his partner, CTO Bobby Murphy, 25, declined a cash offer of “close
to $3bn or more” for Snapchat. It would have made it Facebook’s most
expensive purchase to date, dwarfing last year’s $1bn acquisition of the
photo-sharing social network Instagram. Facebook boss Mark Zuckerberg
had apparently approached the Los Angeles-based firm with a previous
offer in the region of $1bn but was rebuffed. His new bid was also
declined, said the paper, because the Snapchat CEO is holding out for
even higher offers early next year, when he expects the app’s already
vast user numbers to have ballooned further.
Snapchat
users can take and edit photos or video and send them to friends. Unlike
similar services, however, the app allows its users to set a time limit
of up to 10 seconds on each message, after which time the “Snap” will
self-destruct and delete itself.
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