Monday, February 6, 2023
Tech

Snapchat Turned Down Facebook’s $3bn Buyout In 2013. It’s Now Valued At A Whopping $100bn

In 2013, Snapchat rejected an offer from Facebook that would have valued the company at $3 billion, according to the Wall Street Journal.

Eight years later, the company is valued at $100bn.

Snapchat stock recently topped $100 billion in market value for the first time, thanks to the growing use and a rebounding market for digital advertisements this year.

Only a few years ago, there were fears that Snap, Snapchat’s parent company, wouldn’t be able to exist on its own. 

After a catastrophic makeover that hindered user growth and misled marketers, the company’s stock price dropped to approximately $5.

Social media companies’ income has grown as stuck-at-home customers spend more time on their sites, and digital ad spending has returned after a drop last year. 

In the fourth quarter, the number of daily active Snapchat users rose by 22% year over year to 265 million.

Snap currently owns more than four-fifths of the companies in Standard & Poor’s 500 Index, including Lockheed Martin Corp. and Target Corp.

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