Rumor: Google Offered $30 Billion on Snap

Google wanted to acquire Snap last year for at least $30 billion, according to multiple Business Insider sources. Talks about a possible acquisition are said to have started again just before Snap’s IPO in March.

Talks about the $30 billion offer, about 25 billion euros, started in March 2016, according to the rumor. One of the three sources claims to Business Insider that talks about a possible buyout were again last March and that the 30 billion offer has been on the table since then.

Snap calls rumors of formal talks false. Business Insider acknowledges that people within and around Snap may be hoping that Google will take over the company, raising doubts as to its veracity. However, according to the site, reports of the offer have been circulating since last year.

Snap was valued at $24 billion at the time of its IPO, but has now fallen to $14 billion. Snap is troubled, among other things, by Facebook, which successfully copied Snapchat’s Stories functionality for its own services.