Google reportedly went after Snapchat too; Loeb discloses stake

A day after the WSJ reported Facebook made a rejected $3B or greater offer for Snapchat, Om Malik reports hearing Google (GOOG) offered $4B, and was also turned down.

Snapchat, whose photo-sharing service is quite popular with younger U.S. smartphone users, is reportedly weighing an investment round led by China's Tencent that would value it at $4B, and wants to hold off on being acquired at least until early next year.

350M quickly-vanishing photos were being shared daily via Snapchat as of September, up from 200M in June and just 20M in Oct. '12. Much like Instagram at the time of its acquisition, the company doesn't yet generate any revenue.

Meanwhile, Dan Loeb's Third Point LLC has disclosed it took a 110K-share stake (current value of $114M) in Google in Q3. The filing comes as Leon Cooperman's Omega Advisors discloses it liquidated its 4,850-share Google position in Q3.

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Comments (3)
  • youngdub774
    , contributor
    Comments (152) | Send Message
    People are already complaining about Instagram posting ads and threatening to leave, what happens when SnapChat has to actually start producing revenue...
    14 Nov 2013, 06:15 PM Reply Like
  • dgulick
    , contributor
    Comments (2379) | Send Message
    The old will stop using it and the young will jump to the next startup! It's a pyramid scheme!
    14 Nov 2013, 08:19 PM Reply Like
  • Bouchart
    , contributor
    Comments (1174) | Send Message
    Profits are for losers. A winner creates a business that has no plan on making any money and then pawns it off to a greater fool.
    14 Nov 2013, 08:23 PM Reply Like
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