Google Tried To Buy Snapchat For $30 Billion

Snap, Inc., the company behind Snapchat, previously fielded an acquisition offer from Facebook. The social network is reported to have offered it $3 billion at the time. According to a new report, the company was offered a significantly more amount of money but a deal wasn’t reached. It’s claimed that Google bid $30 billion for Snap in early 2016.

Business Insider reports, citing sources close and inside Snap, that Google wanted to acquire the company for $30 billion. Google’s initial offer for the company was reportedly discussed before Snap raised a round of private funding that valued it at $20 billion.

One source suggests that Google and Snap talked about an acquisition just before the latter’s IPO in March. A representative for the company told Business Insider that with regards to a formal discussion about a buyout, “these rumors are false.”

Some of the investors and employees of Snap might be wishing that they had taken the offer because the company’s market cap has been in a steady state of decline since its IPO. Snap shares are currently trading around $12.50 which values the company at nearly $14 billion.

When Snap went public, it had a market cap of $24 billion. Investors haven’t really been excited about the company’s prospects so far even though this was perhaps one of the most highly anticipated tech IPOs in recent years.

Adnan Farooqui
Categories: General
Tags: Google, Snapchat