Report: Snapchat turns down $3B offer from Facebook

In this Thursday, Oct. 24, 2013, Snapchat CEO Evan Spiegel poses for photos, in Los Angeles. Spiegel dropped out of Stanford University in 2012, three classes shy of graduation, to move back to his father's house and work on Snapchat. Spiegel's fast-growing mobile app lets users send photos, videos and messages that disappear a few seconds after they are received (AP Photo/Jae C. Hong)

November 13, 2013 4:00:54 PM PST
It turns out that Snapchat, a rapidly growing messaging service, recently turned down a $3 billion 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.