Posted: Thursday, 14 November 2013 12:57PM

Report: Snapchat Kids Nix $3 Billion Facebook Bid

Patrick Fallon/Bloomberg via Getty Images(NEW YORK) -- Imagine this: You’re 23 years old and someone offers you $3 billion for your hot idea but you turn it down.  That’s what happened to Evan Spiegel, the CEO of Snapchat, the highly popular and fast growing photo-messaging service used by millions of teenagers and 20-somethings.

The Wall Street Journal reports that the two-year-old company turned down a huge cash offer from Facebook, gambling that it could do better after being courted by other investors.  Until last month, the firm was being run out of a beachfront bungalow in Venice Beach, Calif.

Snapchat’s app allows users to send photos and text that disappear shortly after they are viewed.

Reports of Facebook’s $3 billion offer come after an admission last month by CFO David Ebersman that teens are spending less time on the social media site. Facebook bought the popular photo-app site Instagram last year.

Copyright 2013 ABC News Radio

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