Scott Martin, USA TODAY 2:38 p.m. EST November 13, 2013
SAN FRANCISCO -- Snapchat is reported to have declined an acquisition offer valued at $3 billion or more from Facebook for its photo-messaging service.
The Los Angeles startup recently turned down the all-cash offer from the social-networking giant because it's currently being courted by multiple investors, according to a report from The Wall Street Journal, citing people briefed on the matter.
USA Today could not independently confirm the report. Facebook did not immediately respond to a request for comment.
Facebook's reported bid for Snapchat comes amid lofty valuations in social media companies. Profitless Twitter went public last week and has a market capitalization of nearly $25 billion while Facebook's is well north of $100 billion.
Facebook purchased Instagram for $1 billion last year in what was seen as a defensive move to grab the photo app popular with teens. Instagram is a small team of developers with fewer than 30 employees; Snapchat is said to be roughly half that number of employees.
Snapchat has raised about $73 million in funding to date from investors including Lightspeed Venture Partners, Benchmark Capital, Institutional Venture Partners, SV Angel and General Catalyst Partners.
SAN FRANCISCO -- Snapchat is reported to have declined an acquisition offer valued at $3 billion or more from Facebook for its photo-messaging service.
The Los Angeles startup recently turned down the all-cash offer from the social-networking giant because it's currently being courted by multiple investors, according to a report from The Wall Street Journal, citing people briefed on the matter.
USA Today could not independently confirm the report. Facebook did not immediately respond to a request for comment.
Facebook's reported bid for Snapchat comes amid lofty valuations in social media companies. Profitless Twitter went public last week and has a market capitalization of nearly $25 billion while Facebook's is well north of $100 billion.
Facebook purchased Instagram for $1 billion last year in what was seen as a defensive move to grab the photo app popular with teens. Instagram is a small team of developers with fewer than 30 employees; Snapchat is said to be roughly half that number of employees.
Snapchat has raised about $73 million in funding to date from investors including Lightspeed Venture Partners, Benchmark Capital, Institutional Venture Partners, SV Angel and General Catalyst Partners.