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Snapchat rebuffs Facebook’s (all-cash) $3 Billion.

The WSJ reported yesterday that the Snapchat founder and Stanford drop-out rejected Harvard drop-out Zuckerberg’s $3 billion all-cash offer. Why? The 23-year-old co-founder is in a place not too unfamiliar to where Zuckerberg was when he was 23 and he’s holding out for a much larger valuation. He sees too much potential to cash out now, but whether this is a good decision or not remains to be seen.

The WSJ wrote that Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, it reported.

Snapchat is slowly creeping into Facebook’s domination of online photo-sharing, with over 350 million “snaps” per day. The WSJ reported that Speigel has told investors he would like to sell a block of his own stock, according to people familiar with those conversations.

November 14, 2013
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