Facebook Offered To Buy Snapchat For $3 Billion, And Snapchat Said No

Evan Siegel, the founder of Snapchat, just turned down a reported $3 billion from Facebook to buy his app.

Snapchat, the blink-and-you'll-miss-it photo-messaging service, turned down a $3 billion offer from Facebook, rumored earlier this year to be developing its own version of the ephemeral app. Facebook's logic behind the bid is clear: Photo and video sharing may be on the up, but the younger demographic are not doing it via Facebook--Snapchat, WhatsApp, and Pheed are the preferred mediums.

Sources say the offer was not Mark Zuckerberg's first, but Evan Spiegel, the Snapchat cofounder, reckons the firm is worth more. Indeed, a current round of funding, led by Chinese firm Tencent Holdings, values the firm at $4 billion. According to the Wall Street Journal, the 23-year-old would prefer to wait until next year before selling, when he will get rid of a block of his own stock.

The photo-sharing app, this year's bete noir for parents worried about their teens' sexting habits (it deserves a better reputation, to be fair) has a big admirer in Kevin Systrom, Instragram's CEO--himself an object of Mark Zuckerberg's affections. Earlier this year, he told Fast Company's Austin Carr that Snapchat was doing "an awesome job of creating new behaviors you wouldn't expect."

[Image: Flickr user cellanr]

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