Snapchat reportedly rejects multibillion-dollar buyout by Facebook

Snapchat reportedly rejected a $3 billion buyout offer from Facebook and is said to be considering other potential buyers. Facebook's interest is seen as a move to snare younger users as other social networks grow in popularity. "Snapchat has traction with a piece of the market. If Facebook buys them, they mitigate some risks that consumers spend more time off of Facebook's platform and are outside the reach of their sales efforts," said Brian Wieser, an analyst with Pivotal Research Group.

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