Snapchat refused $3 billion from Facebook in 2013. Its founder was 23.
The app was two years old and had no revenue. Forbes estimated that selling would have brought Evan Spiegel about $750 million.
In late 2012, Facebook chief executive Mark Zuckerberg had flown to Los Angeles to meet Spiegel and co-founder Bobby Murphy. He described Poke, Facebook's disappearing-photo app, due out within days. Spiegel later told Forbes, "It was basically like, 'We're going to crush you.'"
Poke launched on 21 December 2012 and reached No. 1 on the iPhone app store the next day. By 25 December, Snapchat had pulled ahead and Poke had dropped out of the top 30.
The $3 billion cash offer followed in autumn 2013, according to The Wall Street Journal. Spiegel said no.
Snap Inc. went public in March 2017 at $17 a share, valuing it at nearly $24 billion, TechCrunch reported. For the second quarter of 2026, it reported 493 million daily active users and a $164 million net loss.
For anyone who builds or buys software: a far bigger rival shipped a near-copy in 2012, then offered $3 billion in 2013. The 2026 numbers show both the scale Snapchat reached and the quarterly net loss Snap still reports.
AI-generated illustration with narration by an AI voice.
What the captions say
- This is the story of how Evan Spiegel, Snapchat's 23-year-old co-founder, turned down Facebook's $3 billion offer for his app.
- At the time, Snapchat was a two-year-old app that made photos disappear, with no revenue. Forbes estimated that a sale would have brought Spiegel about $750 million.
- Why would anyone say no? Months before the offer, came an invitation.
- In late 2012, Facebook's chief executive invited Spiegel to Menlo Park. Spiegel asked him to come to Los Angeles.
- So Facebook's chief flew down and met Spiegel and co-founder Bobby Murphy in a private apartment.
- Facebook's chief described Poke, a new app for disappearing photos, out within days. Spiegel told Forbes, "It was basically like, 'We're going to crush you.'"
- Back at the office, they bought each of their six employees The Art of War.
- Poke launched on December 21, 2012, and hit the top of the iPhone app store the next day.
- Within three days, Snapchat pulled ahead, and Poke fell out of the top 30. Spiegel laughed about it later. "It was like, 'Merry Christmas, Snapchat!'"
- In the fall of 2013, Facebook came back. It offered $3 billion in cash.
- Spiegel said no. Later he told Forbes, "There are very few people in the world who get to build a business like this."
- In March 2017, Snapchat's parent, Snap, went public at $17 a share, valuing it at nearly $24 billion.
- In the second quarter of 2026, Snapchat had 493 million daily active users. Snap still reported a net loss.
