Did you hear the one about the 2-year-old tech company that rejected a $3 billion overture from Facebook (FB)?
Evan Spiegel, the 23-year-old founder of Snapchat, a popular messaging app, turned down Facebook's offer because he believes his company may be worth even more, according to a story in The Wall Street Journal.
Is Spiegel nuts or rational? And is Facebook desperate or just losing its "cool"?
Related: Is Facebook Losing Its Cool?
The Journal also reports that Facebook initially offered "more than $1 billion" to buy Snapchat, then contacted the company again with an all-cash offer "close to $3 billion." Tencent, a Chinese Internet company, recently led an investment group that valued the company at roughly $4 billion, according to The Journal. So maybe Snapchat's CEO is not so crazy after all.
Facebook, on the other hand, "is losing its cool with younger kids," says The Daily Ticker's Henry Blodget. "When Facebook started out it wasRead More »from Snapchat vs. Facebook: Being “Cool” Doesn’t Always Pay Off