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ARE YOU OKAY?? Snapchat turned down more than $3B from Facebook

snapchatThe Los Angeles-based company, founded by 23-year-old Evan Spiegel, recently turned down the offer because it’s currently being courted by multiple investors, according to a source familiar with the matter. So maybe he’s not crazy, but 3 Billion, come on dude sometimes you have to say YES!

The 2-year-old Snapchat has been approached with offers including an investment from China’s Tencent Holdings that would value the start-up at $4 billion. Snapchat’s mobile app allows people to send text and photos that disappear in what has been hailed as all the rage in a next wave of private social sharing.

Apparently for Facebook $3 billion is the new $1 billion. With reports that the social-networking giant tried to buy upstart Snapchat for 3 times what it paid just last year for Instagram, it’s clear CEO Mark Zuckerberg believes that if you can’t beat them, buy them. But while most of the incredulous reactions to yesterday’s news about the proposed acquisition centered around Snapchat’s willingness to walk away from the deal, less was said about the fact that Facebook was ready to pay more than the market cap of the Cheesecake Factory for a 2-year-old app that until recently was best known for its use in sexting. Has Zuckerberg gone completely mad?

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