Google offered USD30 billion to acquire Snap Inc in 2016


Google had held informal dialogue with Snap and floated an offer of $30 billion before the latter's last funding round, said a report in Business Insider.

IBD's TAKE: Snap went public at 17 in March.

When reached for comment, a Google spokesperson responded to Engadget with the following statement.

As Snap's stock sinks lower and lower, one possible motivation behind the rumors could be that people are hoping Snap will get acquired.

There could be benefits for both companies if they did join forces, however.

The two companies are already close. It's called Stamp - a portmanteau of "stories" and "AMP", the acronym for Accelerated Mobile Pages, Google's quick-loading web articles - and you could be seeing it as early as next week, sources with intel on the project told WSJ. Snap is one of the largest customers of Google Cloud and uses Google's suite of apps internally.

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Earlier, in 2013, Google was rumoured to have been tried to acquire Snapchat for $4 billion after Spiegel refused an offer from Facebook CEO Mark Zuckerberg, the report added.

Google has always wanted to own a hot social network and has tried several times with products like Google Plus and Google Buzz.

Snap's CEO Evan Spiegel has been strongly independent even though its market cap has been cut in half to $15 billion after hitting $30 billion at the time of the May IPO, TechCrunch reported.

Is Google-parent Alphabet (GOOGL) now focused on building Snap-like technology rather buying the social media company?

It's also unclear how Spiegel and his roughly 2,500 employees would integrate into Google or Alphabet. Twitter direct messages work too.