(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.
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