Twitter chief executive Dick Costolo has defended self-destruct messenger app SnapChat’s $10bn valuation saying that it had fantastic monetisation potential.
Skeptics doubted the app’s value of $10bn however, according to Reuters, Snapchat last year declined a $3bn bid from Facebook, and its numbers have since swelled.
Costolo instead defended the app which sends image-expiring messages, stating that it can live up to the valuation.
This comes after a GlobalWebIndex report found that the app’s user base grew by 60 per cent in the final three months of 2013 – mainly among teens.
The Twitter chief claimed that the valuation was not “absurd”, adding Read full story ›
Source: The Drum
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