Report: Snapchat Turns Down $3 Billion Offer From Facebook

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By Adario Strange2013-11-13 20:00:54 UTC

The messaging app Snapchat is once again the focus of acquisition rumors as a new report claims that the company recently turned down a $3 billion offer from Facebook.

According to sources in contact with the Wall Street Journal, Facebook made an offer of “$3 billion or more,” but Snapchat cofounder Evan Spiegel is opting to wait until 2014 in hopes of a better valuation for the company.

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When contacted for comment regarding the acquisition report, a Snapchat spokesperson told Mashable, "We don't comment on rumors and speculation."

In October, the Wall Street Journal put out a similar report, claiming that Facebook had offered to acquire Snapchat for $1 billion.

Still another report in October indicated that Snapchat was looking to raise a round of funding that would value the company at roughly $3.5 billion.

Facebook and Snapchat did not immediately respond to a request for comment.

Image: Steve Jennings/Getty Images; Justin Sullivan/Getty Images

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Topics: acquisition, Business, Facebook, snapchat