Snapchat turns down Facebook's $3bn takeover offer

Snapchat, the wildly popular start-up mobile messaging app, has reportedly rejected Facebook’s $3bn takeover offer.

15:17 14 November 2013

Facebook reportedly offered Snapchat, a start-up messaging app, a whopping $3bn takeover offer. However, reports claim that its co-founder, Evan Spiegel has rejected the massive offer and is thought to be holding out for an even bigger deal.

The Wall Street Journal said that the all-cash deal would have been Facebook’s largest acquisition ever.

The offer came after it was reported that Facebook was seeing a decline in daily use by young teenagers in the US. Snapchat, on the other hand, is very popular to the same demographic.

The celebrated app allows users to exchange smartphone photos and videos that automatically disappear in 10 seconds or less. It was launched in September 2011. Its site claims that at least 200 million snaps are shared everyday.

Only users aged 13 and above are allowed to use the app. In order to send a message to someone, users need to know their username and add them to a “My Friends” list.