Snapchat's Founders Turn Down $3 Billion Offer from Facebook
Are they the smartest or the most foolish dudes in America? This is the question swirling over the two frat brothers who just turned down a $3 billion offer to sell their company, which has yet to make a dime.
Evan Spiegel, age 22, and his 24-year-old buddy, Bobby Murphy, both Stanford University graduates, are the brains behind the social media application called Snapchat. The two started running their business at a beach-front bungalow in Venice, California.
They originally wanted to call the application “Pickaboo,” which was already taken at the time, and eventually settled on the name Snapchat.
It exploded into a social media phenomenon.
In a nutshell, the application allows people to exchange transitory photo messages that last for 10 seconds at the longest, per message.
Facebook founder Mark Zuckerberg was so keen to buy the company that he has just offered them a $3 billion check. Yet, they turned him down.
"Rejecting Billions, They Expect a Better Offer," The New York Times says in a front-page story.
Should they have taken the money? Many have expressed divergent views on this question.
Time will tell if the Snapchat founders get a better deal or if the big-money offers just disappear like a Snapchat photo.