Snapchat CEO Evan Spiegel Reveals Why He Rejected Facebook’s $3 Billion Offer

Snapchat Chief Executive has finally revealed why he decided to turn down Facebook’s offer last year.

Last year Snapchat suprised many after it rejected the Facebook’s $3 billion offer. Now the company’s CEO is ready to explain his move. Photo: Tech Crunch/Flickr

In the latest interview to Forbes Snapchat head Evan Spiegel speaks about his company and explains why he decided to turn down the offer which came from the social networking giant back in December.

As the publication reads, the roots of the Snapchat’s decision were obvious to many specialists who knew how much its creators haв been working to create this service.

“There are very few people in the world who get to build a business like this,” Evan Spiegel told Forbes. “I think trading that for some short-term gain isn’t very interesting.”

However, this explanation may sound like a standard enough until you consider just how much the “short-term gain” actually was. According to experts, Spiegel and his cofounder Bobby Murphy would each have received $750 million from the Facebook offer.

Mark Zuckerberg first met Snapchat CEO in his hometown at the end of 2012, and reportedly even tried to scare the service’s founders by telling them that Facebook planned to release a nearly identical app a few days later.

“It was basically like, ‘We’re going to crush you,'” Spiegel remembered about meeting. That app was Facebook Poke, which proved to be a flop.

Facebook Chief Executive later paid another visit to the young firm the following fall to make his bid to buy it, but by that point Snapchat’s founders felt they had an edge.

Since then the service raised another $50 million at a reported $2 billion valuation — less than Facebook’s reported bid, but getting there, reports Mashable.

The famous messaging system was reported to have more than 5 million active daily users and, as a recent research claimsw, has been downloaded by 9% of US mobile users.

The app allows its users to send messages and images with an expiration date so that they are deleted from the recipient’s mobile device shortly after they are received. In September Snapchat announced that it was handling over 350m messages a day.

The acquisition of Snapchat acquiring Snapchat would help Facebook corner the market on popular photo-sharing apps, as well as help the social network attract a younger demographic. The latter issue is particularly important, as some reports say younger users are beginning to lose interest in Facebook.

Launched in 2011, Snapchat has grown into a wildly popular mobile app in a relatively short span of time, effectively creating an entirely new genre of messaging category with its “ephemeral” pictures and videos that last for only a matter of seconds.

Recently, the company has begun to experiment with features outside of its core ephemeral messaging service. Last month it launched launched its Stories product last month, essentially a long-form play on Facebook’s status update in the form of a picture or video. And recently, Spiegel has grown more keen on the idea of monetization, experimenting with bands and listening to music inside the app.

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