Snapchat Spurns Facebook Buyout Offer
Snapchat, the app that lets users send photo messages that can be viewed for a maximum of 10 seconds before they disappear, is generating a lot of attention after refusing multibillion-dollar buyouts. The two-year-old company has been both spurned for supposed use in child pornography and pitched as a fast way to share the moment. Evan Spiegel, Snapchat's 23-year-old co-founder and CEO, turned down both a $3 billion dollar buyout offer from Facebook on Wednesday and an investment from Chinese e-commerce giant Tencent Holdings of $4 billion. Spiegel said he will not consider acquisition or investment until early next year.
By Jordan Moses
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