- The WSJ reports Facebook (FB +3.1%) offered at least $3B for Snapchat in "recent weeks," but was turned down. The paper had previously reported of a $1B+ offer.
- Snapchat co-founder/CEO Evan Spiegel is said to be unlikely to consider an acquisition at least until early next year, by which time he hopes further growth will allow for a higher valuation. Snapchat currently doesn't have any revenue.
- Chinese messaging/gaming giant Tencent has reportedly offered to lead an investment round in Snapchat that would give the privacy-friendly photo-sharing platform a valuation of $4B (previous).
- The latest report comes a couple weeks after Facebook disclosed it saw a Q/Q drop in U.S. teen DAUs, and amid general concerns Facebook engagement is declining among younger users who view it as more boring than other social media platforms that are more public-facing and/or support a greater degree of anonymity.
- On the other hand, Instagram's popularity among younger U.S. users continues to grow.
Facebook reportedly offered $3B or more for Snapchat, was turned down
Nov 13 2013, 14:05 ET