Report: Snapchat turns down $3B offer from Facebook

That's according to the Wall Street Journal.

Sources say it was Facebook's second offer to the company this year. The first was for $1 billion.

The app allows users to send each other messages or photos that disappear after a few seconds.

Evan Speigel, the company's 23-year-old chief executive and co-founder, came up with the idea while he was student at Stanford.

So far, the service has not generated any revenue. But it is very popular among teens and young adults.

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