Snapchat turns down $3B offer from Facebook

In this Thursday, Oct. 24, 2013, Snapchat CEO Evan Spiegel poses for photos, in Los Angeles. Spiegel dropped out of Stanford University in 2012, three classes shy of graduation, to move back to his father's house and work on Snapchat. Spiegel's fast-growing mobile app lets users send photos, videos and messages that disappear a few seconds after they are received (AP Photo/Jae C. Hong)

November 14, 2013 6:09:23 PM PST
The 20-something creators of a smartphone app have turned down a $3 billion offer for their company. That's how much Facebook wanted to pay for Snapchat.

Evan Spiegel and Bob Murphy may be holding out for more money because other companies are also interested.

Snapchat is very popular with teens and young adults.

It lets people send pictures and messages that self-destruct after they've been seen.

Snapchat hasn't made any money so far.