Snapchat valued at $15billion after founder turned down Facebook buy-out

Remember when Snapchat founder turned down $3billion Facebook deal? Well check this out
Take that, Facebook: Snapchat just got valued at $15billion (Picture: Snapchat)

The world gasped when 23-year-old Snapchat founder Evan Spiegel turned down a $3billion (£1.9billion) buy-out from Facebook.

But he stuck to his guns, and this week it paid off – when his app was valued at $15billion (£10billion).

The image sharing service has been given a  $200million cash injection by Chinese e-commerce giant Alibaba.

US media reported last year that Snapchat – which allows the sending of text and photo messages that disappear seconds after being viewed – had held discussions with Alibaba.

Alibaba declined to comment.

MORE: Father shames racist Snapchat bullies in ‘very emotional’ video

Snapchat’s chief executive officer Evan Spiegel declined to comment, Bloomberg reported, quoting him as saying: ‘We are famous for not talking about the future.’

Snapchat rocketed to popularity in the United States after the initial app was released in September 2011.

Alibaba, founded by entrepreneur Jack Ma in 1999, is China’s biggest e-commerce company but is seeking to expand beyond its traditional business.

It listed on the New York Stock Exchange last year in the world’s largest public offering to date.

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12 March 2015 | 7:58 pm – Source:


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