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. I know, I also am in the wrong business. Now according to a new report, the company was offered a very large amount of money but a deal wasn’t reached.
It’s claimed that none other than Google bid $30 billion for Snap in early 2016.
Business Insider cites sources close and inside Snap, who say 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.”
No doubt some of the investors and employees of Snap are wishing that they had taken the offer because the company’s market cap has been in a steady state of decline since its IPO. Right now Snap shares are currently trading around $12.50 which values the company at nearly $14 billion. You may remember that when Snap went public, it had a market cap of $24 billion. It is a crazy world that these folks live in, and they have a ton of money.