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Snapchat reportedly declined $3 billion offer from Facebook

Snapchat reportedly declined $3 billion offer from Facebook

Snapchat has spurned a $3-billion cash offer from Facebook, holding out for a larger bid or an investment in the company, according to a report that cited unnamed sources.

The Wall Street Journal says the messaging service is currently entertaining a $200-million investment led by Tencent Holdings, a Chinese e-commerce company. The investment would value Snapchat at $4 billion.

This is the second time Snapchat has spurned Facebook, according to the report. The social network offered to acquire Snapchat for more than $1 billion...

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