WASHINGTON — Snapchat, the mobile video and picture messaging app, rejected a buyout offer from Facebook for over $3 billion.
Reuters reported that the Wall Street Journal found that Facebook representatives offered to pay it all in cash and could have been Facebook’s largest acquisition yet.
Representatives from Snapchat was not reached in time for comment, while Facebook declined to comment on the story.
Snapchat has grown in popularity among teens, where videos or pictures can be sent to friends or others, which disappear after a couple of seconds. Facebook’s foray into acquiring the messaging platform was in part due to Facebook’s declining use among teenagers.
This comes after Twitter went public on Wall Street and both major social media platforms are dueling for users and trying to expand their base.