Facebook and Google Pursuing The App that Teenagers Love

Have you heard of Snapchat? If you’re a 20-something or younger, or you have teenage kids you’re likely well-aware of the app. Facebook FB and Google GOOG know about Snapchat as well. The Wall Street Journal reports that each made an offer to acquire the company but were turned down.

If you’re unfamiliar with the app, Snapchat is a two-year-old company founded by a group of Stanford undergrads. Users can send videos and pictures but unlike other apps, anything sent will quickly self-destruct. No record of it will exist after 24 hours at the most.

The platform is not a true social platform like Facebook where people use it to create connections. The appeal of the app, at least for now, is that it’s private and there’s little record of conversations. It’s no wonder teenagers love it.

Investors love the company as much as the app. The Wall Street Journal reported that Facebook made a $3 billion all-cash offer to acquire the company. Snapchat said no.

Then, GigOM partner OM Malik tweeted a rumor of his own.