Snapchat refuses all-cash buyout

The Wallstreet Journal reported earlier this month that Snapchat Incorporated refused a 3 billion dollar all-cash offer from Facebook to buy the company.

Snapchat, a messaging app that allows users to send photos and videos (known as “snaps”) and set the amount of time the recipient is able to see them, was released in September of 2011.  After two years, TechCrunch reported that users are sending over 350 million snaps per day.

Facebook recently admitted to the Wallstreet Journal that it is losing daily users, particularly the younger ones. Shortly after, Facebook stock plummeted. The 23-year old CEO of Snapchat, Evan Spiegel, said that he is aware of the younger user base the app has acquired, believing that it is a valuable audience.

Spiegel plans on expanding the company by adding to the current team of 30 and he hopes that users will translate the app into other languages in order for it to expand overseas