MENLO PARK (CBS SF) – Menlo Park’s Facebook has reportedly been spurned in its efforts to buy the popular photo-sharing app Snapchat.
According to The Wall Street Journal, the social giant offered a $3 billion all-cash package for the app, the largest buyout offer ever made by the company.
The Wall Street Journal reports that the company’s 23-year-old co-founder, Evan Spiegel, will probably wait until next year to add investors or consider a buyout.
Snapchat allows viewers to send photos and videos that disappear within seconds of being viewed. The company claims that about 350 million snaps are sent every day.
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed)