When Snapchat turned down a Facebook buyout offer of $3 billion, the tech world was shocked. The bid seemed to be too much as it was, why would the company turn down an offer like that? It's been a few weeks since but Snapchat CEO Evan Spiegel has finally offered an explanation, thanks to a Forbes cover story he was interviewed for.
"There are very few people in the world who get to build a business like this," Spiegel explained. "I think that trading for short-term gain isn't very interesting."
It transpires that Facebook CEO Mark Zuckerbeg first approached Spiegel in 2012 when he flew out to meet him. His tactic at the time was to try to scare the young startup owner into giving up the game by revealing Facebook's plan to release Snapchat-alternative Facebook Poke. Zuckerberg's follow-up visit was where he tried - and failed - to buy Snapchat - at this point, Spiegel and co-founder Bobby Murphy felt more confident about their chances without Facebook's backing. Considering their recent valuation successes, they have every right to be.