Google offered to buy Snapchat for a reported $30 billion last year

Snapchat turned down $30 billion acquisition offer from Google in 2016

Google reportedly offered to buy Snapchat for at least $30 billion in early 2016, according to new rumors that surfaced this week.

The acquisition offer was a well-known “open secret” among Snapchat’s high-ranking employees and tech industry moguls, reports Business Insider. Three different sources independently confirmed the offer’s price tag.

Google’s offer would have came just prior to Snapchat’s final funding round before going public, which valued the company at $20 billion. A growth equity fund called ‘CapitalG,’ managed by Google’s parent company Alphabet, quietly invested during the Series F round.

Just after Snapchat CEO Evan Spiegel turned down Facebook’s acquisition offer of $3 billion in 2013, it was rumored that Google one-upped the Zuckerberg-owned company with an offer of $4 billion.

With users ditching the platform in droves for alternatives like Instagram Stories, it’s possible that the steadfastly committed Spiegel might be having some 20/20 hindsight regret.