Snapchat turns down $3 billion Facebook offer, reports say

Author: Mendoza College

In this Associated Press story, which appeared on CBS News and dozens of additional media outlets, Finance Professor Tim Loughran comments on the market's favorable reaction to Internet companies such as SnapChat and Twitter:

"The market is signaling that it is very receptive again to these young, high-growth social media Internet companies," Tim Loughran, finance professor at the University of Notre Dame in Indiana, told the Associated Press, adding that Twitter's success indicates that profitability is irrelevant.

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