Earlier this week, it was revealed that Snapchat had entertained and ultimately rejected a buyout offer from Facebook as part of the social media company's efforts to tap into a younger market. New reports out today indicate Facebook was not the only company running a major social media empire that was interested in Snapchat – Google also made a bid for the company. The Google bid apparently came in at $4 billion which would have trumped the $3 billion bid Facebook made for the service.
Sources indicate Google was initially approached by Snapchat CEO Evan Spiegel about a “strategic investment” in the service. Apparently Google was interested in snapping up Snapchat as a standalone app. The reports also indicate these talks were occurring close to the same time as Facebook entreaties. At this time it appears Spiegel has rejected both offers as Snapchat pursues a new round of funding to raise millions of dollars. Conveniently, those efforts may have been based on a valuation of the company that is somewhere between $3 billion and $4 billion dollars, an amount that Spiegel seems to have verified based on the interest expressed by both Facebook and Google.
source: The Verge
