Snapchat Rejected Facebook's $3 Billion Offer

Snapchat, a photo messaging application which turned down the $3 Billion cash offer from the world's largest social networking site, Facebook. Snapchat was officially launched in 2011 by Evan Spiegel and co-founder Robert Murphy and later applied by students from Stanford University. "There are very few people in the world who get to build a business like this," Evan Spiegel, Snapchat co-founder told Forbes. In 2012, Facebook CEO Mark Zuckerburg and Evan Spiegel initially met in order to discuss the offering in Facebook's behalf. According to the linked reports, Facebook procreated an app which has a near similarity with Snapchat called Facebook Poke which went on the number one spot at first by Apple's leading app and eventually after a month of release, the app's rating went down. The founders cited that their reason for rejecting Facebook's $3 Billion offer is the possibility of the app's rating to reduce as what had happened to poke which will surely affect Snapchat's net worth and income. Snapchat, an image sharing app which enables users to take photos, record videos, add text and drawings, and send them to a controlled list of recipients. Recently, Snapchat raised $50 million at $2 billion reported assessment. This means that Snapchat had already established an edge in terms of income.