Updated from 9:19 a.m. to provide more analysis about Instagram in the sixth paragraph and comment from Google.
NEW YORK (TheStreet) -- Facebook (FB) tried to buy Snapchat for $3 billion, and was rebuffed. Apparently, $4 billion from Google (GOOG) may not be enough, either.
Venture capitalist and noted tech pundit Om Malik tweeted that Google tried to buy Snapchat for $4 billion after word of the Facebook acquisition offer went south, as more people continue to hype up the possibilities of the application, despite the company having no revenue. For now, it's about eyeballs and engagement. Money comes later.
Google declined to comment on the story. Snapchat could not be reached for comment.
Snapchat is growing at an exponential rate, with 350 million users around the world, sending 6 to 10-second clips to their friends and family, in a way that's different from texting, tweeting or posting to Facebook. After the user opens the message, akin to an email, it disappears - something that's very valuable to its users. "I think it'll have a long lasting appeal," says Missy Domenchello, 23, who first started using Snapchat about eleven months ago. "I think it's really private, and that's what's good about it."
This tweet from the Federal Communications Commission says it all about why people are flocking to the service in droves.