Snapchat turns down Facebook’s $3 billion cash offer

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Snapchat walked away from a $3 billion all-cash acquisition offer from Facebook, according to The Wall Street Journal and several Twitter users.

Snapchat CEO Evan Spiegel said his company will hold out for an acquisition until at least next year after walking away from a $3 billion Facebook offer.

The messaging app, which allows users to send messages that erase after six seconds, has been valued at $4 billion and the company plans to hold out for an acquisition until at least next year, when it might have an even bigger valuation, said Evan Spiegel, the company’s 23-year-old co-founder and CEO.

Facebook, which has built similar products to Snapchat for its platform, previously offered the start-up $1 billion, but then increased its offer and offered all cash, according to the report.

Facebook declined to comment on the matter.

Facebook is no stranger to large acquisitions. The social media giant purchased Instagram for $1 billion last year.

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