BUSINESS

Snapchat turns down Facebook's $3 billion purchase offer

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(WJLA) - The fact that Facebook came calling to the founders of Snapchat with a $3 billion offer to purchase the popular messaging platform wasn't shocking on its own.

Snapchat's founders turned down Facebook's enormous purchase offer. Photo: Snapchat

It was Snapchat's response that shocked the technology world - thanks, but no thanks.

The Wall Street Journal reports that Evan Spiegel, the 23-year-old co-founder and CEO of Snapchat, does not have plans for investors or being acquired until 2014. Because of that, he and his colleagues said no dice to an all-cash offer of $3 billion from the world's largest social network.

Snapchat's modus operandi is based on users being able to trade text and picture messages that disappear after 10 seconds. The Wall Street Journal says that the company, which launched in September of 2011, has not yet turned a profit.

READ MORE at wsj.com.

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