Snapchat rejects USD3 billion bid from Facebook

By VCPOST Staff Reporter

Nov 13, 2013 08:06 PM EST

Photo sharing service Snapchat turned down a USD3 billion acquisition offer from Facebook. Last month, Snapchat reportedly received a bid from Chinese e-commerce firm Tencent Holdings for USD4 billion, according to a report published by VentureBeat.

Snapchat is a photo sharing service that allows its users to send pictures that disappear shortly. At present, there are about 100 million users who use Snapchat and send more than 350 million photos through the service every day, the report said.

The photo sharing app has become a popular avenue for sharing naughty images with loved ones. However, Snapchat does not specifically advertise that use. Many users have said the photos that were sent do not really "self destruct," but a lot of people still use the service, said the report.

According to Wall Street Journal, Snapchat's founder and Chief Executive Officer Evan Spiegel will not be accepting any acquisition bid until 2014, VentureBeat reported.

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