Snapchat Rejects $3B Offer

BURNED

Updated Apr. 17, 2017 5:41PM EDT / Published Nov. 13, 2013 2:53PM EST

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.

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Snapchat Rejects $3B Offer

Jae C. Hong/AP,Jae C. Hong