Snapchat declined Google's $30 billion offer
An illustration featuring the Snapchat logo. ( Image Source: Flickr) Photograph: (Others)
Several reports reveal Google's planned to buy Snapchat for $30 billion in May, 2016 before Snap's last funding round, according to Business Insider Alex Health.
However, Snap's CEO Evan Spiegel declined the Google's offer even after Snap's market cap slipped to around $15 billion from $30 billion. According to a report in TechCrunch, Snapchat invalidated the information about the offer calling it "false rumours ". Several media reports had speculated talks of a buyout before Snap went public with their IPO in March this year.
The news of Google's offer to Snapchat has benefited the latter as it increased its share price to 2.3% but lately Snap had been experiencing a downfall in its share price due to the strong growth of Instagram's stories and Whatsapp clones of Snapchat.
Snapchat, a multimedia mobile application, was launched in 2011 by former Stanford University students - Evan Spiegel and Bobby Murphy.
The multimedia app is the upgraded version of Picaboo, that was launched only for iOS App Store. The founders Evan Spiegel and Bobby Murphy later reintroduced the app as Snapchat with enhanced features. Since then the app has undergone several technological innovations.
Snapchat for Android was launched in October 2012. Snapchat has evolved from being a simple start-up with not many users to millions of daily active users worldwide. Inspired by the multimedia app, Facebook and Instagram have also added Snapchat's clones in their app.
Snap has often been criticised by tech experts for the disappearance of photos, videos and text messages after they are viewed once which is Snap's main feature.
Besides the messaging features, Snapchat offers the popular 'Snapchat stories', 'Memories' and stickers. Snapchat stories can be replayed for 24 hours while Memories are saved pictures that can be shared later.