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Snapchat's $3 Billion Rejection and the Great Facebook Unbundling

Snapchat headquarters in Los Angeles
Snapchat headquarters in Los AngelesPhotograph by Patrick Fallon/Bloomberg

The days when a billion dollars was enough to impress a fictional version of Sean Parker are long gone. Now apparently even $3 billion isn’t cool enough for the heady young entrepreneur behind Snapchat.

The Wall Street Journal reported Wednesday that the startup responsible for the disappearing-message craze turned down an all-cash offer from Facebook and will not consider any acquisitions or investments until at least early next year. It’s very possible Snapchat will crash and burn before ever getting its hands on so many zeros again. The app doesn’t make any money, it’s caught up in a controversy over whether its founders cheated a friend out of his fair share, and almost no one who has graduated college gets it at all. Cue the anticipatory schadenfreude.