23-year-old Snapchat co-founder and CEO has earned $0 in revenue but turns down $3 billion from Facebook!

Evan Spiegel, the 23-year-old co-founder and CEO of the rapidly growing messaging service Snapchat, reportedly turned down a $3 billion offer from Facebook to acquire the company, according to the Wall Street Journal. Spiegel turned down the deal, despite the fact that Snapchat generates $0 in revenue.

“Has not made a single dollar,” Pat said of Snapchat on radio this morning. “Not a dollar in revenue, and Facebook just came to him and said, ‘Hey, how does $3 billion sound?’ ‘Umm, no, that doesn’t sound good to me. I don’t think so.’”

The Wall Street Journal reports:

Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, the people said.

A Snapchat spokeswoman declined to comment.

Snapchat specializes in ephemeral mobile messages, including text or photographs, that disappear after a few seconds. The service has not generated any revenue, but is especially popular among teenagers and young adults, who use the app to send messages to friends.

“So he’s passed on $3 billion,” Glenn said. “He’s 23 years old. I mean personally, I take the $3 billion and then dream again… This is insanity. Here’s somebody who’s never made any money at all. $3 billion they’ve offered to pay for it… Why would this be worth something? I mean it hadn’t made any money yet.”

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  • Melanie

    Facebook doesn’t want his company. What would they do with it? What they want is no competition. If they buy this fledgling company, it will quietly disappear into the sunset.

  • John Scott

    Daughter uses SnapChat . While I agree the description of the whole ideal sounds perfect for two adults exchanging naughty pictures. I think even more important is the fact this is something teens can use that Parents or anyone else cannot monitor.

  • Anonymous

    Not a bad guess Mel

  • jack486

    The NSA will still capture the photos, though.

  • Feet2Fire

    Probably.

  • http://www.youtube.com/watch?v=IDFGELoC4zc Sam Fisher

    Well that is one stupid guy.

  • Benjamin Dover

    In fact, successfully serving a free market’s unknown customers depends upon knowing a thousand particulars that will be learned only by those with an interest in knowing them.

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    Run-of-the-mill collectivists routinely attempt to confuse roads and fire departments with collectivism by referring to them as “socialism”.

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    The most ardent advocates of democratic majorities’ unlimited power also tend to be the very administrators who know that once authority is assumed in the name of the majority, it will be they who command it.

  • Liberalism is Nonsense

    Today’s liberalism is like communism without the manifesto.

  • LoneRangler

    This kid has crossed the line between greed and lunacy.

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  • https://twitter.com/#!/zerses Moirrainefortruth

    I am sick of google, facebook, microsoft and others buying really good companies and then defacing them beyond recognition or getting rid of them as you stated.

  • Anonymous

    3 Billion isn’t enough…at 23, I’d have to ask for, oh, 3 Billion AND another 45,000 to cover junk food and deferred salary from working at a Starbucks over the start-up time frame. C’mon! Just another 45K! K?

  • Anonymous

    Yeah, you’re right…after all, manifesto’s mean writing and stuff….

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    One if by land, two if by sea. Keep the fires burning: http://www.amazon.com/dp/B0094KY878

  • Average Joe

    Take the money!

  • Loretta Swift

    They are all in the pockets of progressives