Snapchat CEO and co-founder Evan Spiegel in front of Snapchat's Venice, Calif., headquarters.(Photo: Jefferson Graham, USA TODAY)
SAN FRANCISCO -- Snapchat is reported to have declined an acquisition offer valued at $3 billion or more in cash from Facebook for its photo-messaging service.
The Los Angeles startup recently turned down the offer from the social-networking giant because it's currently being courted by multiple investors, according to a report from The Wall Street Journal, citing people briefed on the matter.
USA TODAY could not independently confirm the report. "We don't comment on rumors and speculation," said Facebook spokeswoman Denise Horn.
Facebook's reported bid for Snapchat comes amid lofty valuations in social media companies. Profitless Twitter went public last week and has a market capitalization of nearly $25 billion while Facebook's is well north of $100 billion.
Facebook purchased Instagram for $1 billion last year in what was seen as a defensive move to grab the photo app popular with teens. Instagram is a small team of developers with fewer than 30 employees; Snapchat is said to be roughly half that number of employees.
Snapchat has raised about $73 million in funding to date from investors including Lightspeed Venture Partners, Benchmark Capital, Institutional Venture Partners, SV Angel and General Catalyst Partners.