

Either way, it's attracted the attention of sober-minded VCs eager to write big checks in hopes of getting in early on the next Facebook.


The service now processes more than 400 million snaps per day, and is a big hit with tweens and teens, although the company has yet to say how many people use it. Snapchat, which was valued at $800 million just a few months ago, makes an app for sending pictures and videos, called "snaps," that disappear after a few seconds. Unlike many young men, he can afford them.Ī little more than two years after leaving Stanford University three classes shy of graduation, Snapchat's co-founder sits atop a hastily established empire that is already worth billions in the eyes of would-be acquirers - including Facebook, which reportedly offered to buy Snapshot for $3 billion in cash. LOS ANGELES - Like many a young man, Evan Thomas Spiegel is enamored of expensive cars.
