Photo messaging smartphone application Snapchat reportedly turned down a $3 billion cash offer from Facebook, individuals familiar with the offer told the Wall Street Journal.
According to the WSJ, Snapchat has yet to earn any actual revenue, but hopes to grow larger in the next several months to increase the company's estimated value.
Officials familiar with the matter told the WSJ that the company's founder, 23-year-old Evan Spiegel, will not consider any acquisition deals until at least early next year.
Evan Spiegel of Snapchat attends TechCruch Disrupt SF 2013 at San Francisco Design Center on September 9, 2013 in San Francisco, California. (Steve Jennings/Getty Images for TechCrunch)
Snapchat is also reportedly being courted by multiple businesses interested in acquiring the growing company.
According to the WSJ, a Snapchat spokesperson declined to comment.
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