Meerkat to sell out? Not yet, said CEO

Twitter overrun by 'Meerkats'
Twitter overrun by 'Meerkats'

Meerkat's CEO is not ready to flip over his company just yet, he said.

"Our main focus right now is to continue to grow, and try to find more uses [for the app]" Ben Rubin told CNBC's "Squawk Alley" on Wednesday.

"Right now we're just focused on making something awesome," he said after being asked if he would sell the application if Facebook or Twitter offered him billions of dollars for it.

Meerkat, which launched on Feb. 27, is an iOS mobile app that lets users stream live video via Twitter and has experienced large usage numbers since then, Rubin added.

"Twenty percent of [users] watch a minimum of two hours a day, [while] 8 percent watch a minimum of three hours, and on top of that, 4 percent watch a minimum of four hours," he said. "That blew our mind."

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Video streams taken using the app disappear after a certain period of time, much like Snapchat's content, Rubin also said. "The reason we made it so the content disappeared is not because we believe in ephemerality," he said. The reason is that live streaming is relatively new to people, leading them to believe they would be more comfortable having the streams disappear, Rubin said.