- Snapchat, a mobile messaging app that deletes messages within 10 seconds of receipt, has reportedly turned down a $3 billion acquisition offer from Facebook.
- Facebook is losing teen users, which Snapchat has in droves, and such an acquisition would also increase Facebook's mobile presence.
- The Wall Street Journal was told that Snapchat co-founder and CEO Evan Spiegel will not consider selling or accepting an investment until at least early next year because he expects it to continue gaining users and, as a result, value.
Snapchat is appealing to Facebook and other interested buyers because its core user group is young and mobile — a highly desirable group for marketers. If Facebook acquired Snapchat, it could draw more advertisers who are looking to reach a young, socially active audience. Those advertisers would also be able to spread their investment in Facebook ads to reach a larger audience with the addition of Snapchat's platform.