Snapchat Rejects $3B Offer

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.