Snapchat has reportedly turned down a $3 billion offer from Facebook.
The Wall Street Journal reports that Facebook proposed an all-cash acquisition deal. They also say Facebook had previously offered Snapchat $1 billion.
Snapchat is also reportedly receiving other offers. Chinese investment holding company Tencent Holdings Limited recently proposed an investment injection that would value Snapchat at around $4 billion; other overtures remain unknown.
Sources say Snapchat is waiting until at least next year to make any deals, as they are hoping to grow and increase their valuation. Are self-destructing photos worth that much, or will this go down as the worst business decision ever?