Thursday, November 14, 2013

Snapchat Turns Down Facebook Offer

Facebook Inc. is indeed trying to get teens back into the fold.

Marketwatch is reporting investors, who heard the company confirm that there was a drop-off in daily visits by young teens last quarter, should take note of the reports on Wednesday that Facebook made a $3 billion or more, all-cash offer to buy the revenue-free startup Snapchat.

The Wall Street Journal reported that Snapchat rebuffed Facebook, and is instead looking into an investment round led by Chinese e-commerce company Tencent Holdings, which would value the company at $4 billion.

Snapchat is the latest trend among young teens and the tech savvy, letting them send short-lived texts or photos that can disappear within 10 seconds. It basically lets kids and adults send things that they won’t later regret when they are looking for a serious job, enabling the safe texting of all kinds of compromising photos and messages.

The move by Facebook shows how it is seeking to try and recapture its trendiness . Teens, who were the first users of Facebook when it was a network only for college students, are now onto other services and apps, such as Instagram, Tumblr, Snapchat, Wechat and other messaging apps.

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