Snapchat Rejects $3B Offer

    In this Thursday, Oct. 24, 2013, Snapchat CEO Evan Spiegel poses for photos, in Los Angeles. Spiegel dropped out of Stanford University in 2012, three classes shy of graduation, to move back to his father's house and work on Snapchat. Spiegel’s fast-growing mobile app lets users send photos, videos and messages that disappear a few seconds after they are received (AP Photo/Jae C. Hong)

    Jae C. Hong/AP,Jae C. Hong

    In a sign of just how hot the tech market has gotten, Snapchat, the popular photo messaging service, has spurned an all-cash offer from Facebook for $3 billion. Snapchat, which allows people to take pictures, draw on them, and have them disappear after a certain amount of time, is run by its 23-year-old founder Evan Spiegel. Snapchat is also being pursued by Chinese tech giant Tencent Holdings, which offered an investment that would value the service at $4 billion. Spiegel reportedly will not consider any offers until 2014, as he believes Snapchat's continued rapid growth will engender an even higher valuation.

    Read it at the Wall Street Journal