Snapchat is reportedly worth up to $25bn (€23bn) according to recent reports, and plans to launch on the US stock market.
The hugely popular social-networking app, which allows users to send and receive videos that disappear within 10 seconds, is set to go public in early March of next year.
This is crazy to think of, as Facebook reportedly wanted to buy the company for only $3bn back in 2013. It seems Facebook are desperate to buy and even pivot their own products in the style of Snapchat at every opportunity. They've even gone as far as adding a new feature named Stories to Facebook-owned Instagram, to try and mimic the app.
Snapchat's co-founder Evan Spiegel, is clearly beaming he turned down the offer, as his company is now reportedly worth up to eight times that amount. He commented in Forbes magazine on rejecting the offer, 'I think trading that for some short-term gain isn’t very interesting.'
The app itself has over 100 million users, with 60% of them aged between 13 – 24, which means advertisers are eager to invest to reach the millennial demographic.
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It could mean Snapchat will be the first venture-backed company to be worth over $10 billion. The app itself is going from strength to strength and is attracting the attention of even more investors. Get snapping!
hat-tip: Newstalk
Hey, we have Snapchat too, add us @collegetimesct
Also Read: The Only 9 Irish Snapchat Accounts You Need To Follow In 2016
