According the WSJ, Snapchat recently turned down a $3 billion acquisition offer from Facebook. That’s a lot of dough for a company that enables millions of (mostly) teens to exchange photographs and videos that disappear a few seconds after they’re viewed (revenues, on the the other hand, haven’t appeared at all). This questions arises: Is Snapchat founder Evan Spiegel out of his mind? Here are a few things to consider. First, Facebook had earlier offered a billion for Snapchat. Maybe the number will keep going up. Second, Snapchat has prospective investors willing to invest in the company at an even higher valuation. And Spiegel can sell a block of his stock to those investors and become wildly rich without selling the company. That said, a company like Snapchat (no revenues, uncertain shelf-life) is probably worth a lot more as part of Facebook than it will be alone. Time will tell if Snapchat’s founders are forced to do something they famously let their users avoid: Relive a terrible lapse in judgment.

+ “I am a young, white, educated male. I got really, really lucky. And life isn’t fair.” From LA Weekly: Snapchat went from frat boy dream to tech world darling. But will it last?

+ So are we back to partying like it’s1999? Not quite. For a reminder of the dollars being thrown around in those days, take a look back at this CNN piece detailing Yahoo’s $5.7 billion purchase of Broadcast dot com (the article is dated April 1, 1999, but it wasn’t a prank).

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