Photo text messaging app Snapchat has turned down a $3 billion cash offer from Facebook, reports The Wall Street Journal.
According to the Journal’s report, Snapchat is not currently on the market.
Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, the people said.
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According to the report, this is the second time Facebook attempted to buy Snapchat, previously offering over $1 billion, and coming back in recent weeks with the all cash offer, which would have doubled the amount it paid for Instagram in 2012.
Snapchat declined comment on the report.