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.

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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.

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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.

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