Mark Zuckerberg's company tried to purchase Snap for $3 billion in 2013, but the camera company politely declined the offer. Since then Snapchat's popularity and worth have skyrocketed. The company's market cap has been pegged as high as $34 billion, and held its initial public offering on March 2.
But for at least a year, Facebook has rolled out features across its various products that bear a striking resemblance to Snapchat's functions. Not only do they do the same thing, in some cases they look eerily alike. And, it seems the copycat items may be having an effect on Snapchat's slowing user growth rate, even Snap acknowledged Instagram Stories could be a direct competitor in its S-1 filing. (However, Snap CEO Evan Spiegel blamed phone issues during the company's roadshow.)
Instagram Stories (and WhatsApp Status and Messenger Day) vs. Snapchat Stories