WhatsApp, the super-popular messaging app, has once again come under the spotlight, and became a sensation all over again as Facebook moves to bid $19 Billion for its acquisition. The deal is all but done, making it Facebook's biggest ever purchase, and the second-biggest tech-acquisition of all time. So what is it that makes WhatsApp so special? Let's take a look at the story behind WhatsApp, which is one of the most incredible and
motivational success stories of this age.
According to sources, Facebook has agreed to pay $4 Billion in cash, and
$12 Billion in Stock. In addition, a sum of $3 Billion is to be paid to
the WhatsApp CEO and staff. The deal is set to be finalized later this
year, failing which Facebook will have to pay $1 Billion as recompense.
The story behind WhatsApp
The story of WhatsApp is one of hard work and dedication, of taking
risks and entrepreneurship. Jan Koum, the founder of WhatsApp - and soon
to be a billionaire - is yet another example of college dropout
successes.
Born and raised in Kiev, Ukraine, Koum lived a simple, ordinary life.
His father was a construction manager, and the family somehow managed to
eke out a living from a meager income. At age 16, he along with his
mother migrated to Mountain View due to the troubled political and
anti-Semitic environment back home. The father couldn't make it over.
They got a small apartment through government assistance. To make ends
meet, his mother took up babysitting, and Koum started sweeping the
floor of a grocery store.
Meanwhile, Koum keep at educating himself - while still at school - and
learned computer networking from the books he used to borrow. His
prowess led him to the San Jose State University, and to Ernst &
Young as a security tester. Soon, he interviewed at Yahoo and got a job
as an infrastructure engineer while still at San Jose, which he dropped
out of two weeks later. It was during his time at Yahoo that he met and
befriended Brian Actor, WhatsApp co-founder.
Both left Yahoo in 2007, and applied for a job at Facebook. They were rejected.
Koum bought an iPhone in 2009, and instantly realized that the
seven-month old App Store was about to spawn a whole new industry of
apps. Hence, the idea of WhatsApp was born. At this point, both Acton
and Koum were jobless. So Koum had to spend what money he had saved from
his work at Yahoo on building and running his simple app, which has now
become the most popular messaging app in the world.
The competition
If you look over closely at some of the competitors, you will see that
none of them were valued even half as much. Facebook offered to buy
Snapchat last month for $3 Billion, which was rejected. The popular IM
and Voice calling service Skype was purchased by Microsoft for $7.5
Billion. However, most surprising of all, WhatsApp's closest competitor,
Viber was recently sold for a meager $900 Million to a Japanese company.
Guess the previous Viber owners have something to think about now.
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