Facebook Denied $3 Billion Snapchat Acquisition

Snapchat, the hot mobile photosharing service favored by younger users, has reportedly turned down a $3 billion acquisition offer from Facebook, The Wall Street Journal reported on November 13.

The news amid the company’s continued attention from eCommerce companies. Snapchat had earlier rejected an investment from Chinese eCommerce giant Tencent. Sources told the Journal that Spiegel is still open to an acquisition, but that this may not come until next year.

Snapchat is making attempts to monetize its services. For more on how this transition could involve in-app purchases, read our full report here.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.