Google tried to acquire Snapchat for $30 billion in 2016

Google tried to get a grip on the social media industry by trying to acquire Snap for $30 billion in 2016 but the latter declined the offer.

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Google tried to acquire Snapchat for $30 billion in 2016. Snapchat CEO Evan Spiegel, however, declined the offer.

Google tried to acquire Snapchat for $30 billion in 2016

Google had an informal exchange of information with Snap and offered $30 billion for its acquisition. The events date back to the time right before Snapchat's last funding round. Snap soon IPO'd after the instance and Google was still ready to take the deal further ahead.

Evan Speigel has been presented with lucrative offers before which he has denied confidently. Facebook tried to acquire the company with an offering of $3 billion. In three years Snap's worth has gone up exponentially.

The news of Google's enthusiasm in acquiring Snap has given a boost of 2.3 percent to Snap's shares. Snap's shares have not been doing too well lately partially due to lockup expiration finally allowing insiders to sell stock, and partially due to strong growth Snapchat's rivals Facebook's Instagram Stories and WhatsApp Status that have mimicked the feature from the former.

Apparently, Instagram is beating Snapchat at its own game. News has been around of Instagram Story growing in popularity more than Snapchat.

When asked, Google claimed the news to be false. However, that does not mean that Google and Snapchat are in a spat with each other. In fact, the search giant has always been supportive of Snapchat.

Google chairman Eric Schmidt was an adviser to Spiegel, Snap runs Google's office software suite and Snapchat has committed to spending $2 billion on Google Cloud hosting over the next five years.

The news also reveals that Google wants to get firm hands on Social Media industry where it has failed times and again.

Read More About snapchat | google | social media news

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