Why did Snapchat turn down $3 billion?
By SEAN YAMAKAWA | November 21, 2013How much could a company that makes zero operating profit be worth? Over $3 billion in cash, Facebook would tell you. Earlier this week, the social networking website offered to buy Snapchat, a company recently popularized by its photo sharing app for that sum of money — and Snapchat turned it down. This certainly raises another pertinent question: How is Snapchat worth anything?