After rejecting the proposal of $3 billion from Facebook, Snapchat has reportedly rejected another wooer. It has just refused a $4 billion offer from Google.
Snapchat has a superiority complex alright. After rebuffing Facebook’s attempts at acquiring it, it has even reportedly fended off the moves made by Google. Google thought that by offering it an extra billion, it would easily bag the messaging company. But it was not to be.
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GigaOm founder Om Malik states in his tweet, "After Facebook offered $3B Google offered $4B but evanspiegel said no! Nice way to drive up valuation."
Evan Spiegel, the CEO wants to play the waiting game. The boss knows the value of his company and he wants to make it even higher with the passage of time. Even Tencent offered a price of about $3.5 billion, yet it too was turned down by Snapchat. Playing hard to get has become a way with Snapchat.
The main reason behind this negative attitude of mass rejection is that Snapchat could increase its user base considerably during the holiday season. Were it to make it to the 400 million snaps per day mark, it would be valued more than Google’s $4 billion offer.
Snapchat seems to have its eyes set on higher goals. It is quite a successful not to mention progressive venture. And with its current rate of growth rising steeply, it is not long before it will reach a high level of proficiency and productivity.
That is the day it is waiting for. For then it will be worth a lot indeed. It is like Instagram which increased its investment potential twofold almost in one day’s time. Until the time it decides to sell itself, Snapchat is definitely a part of the rumor mill.