Snapchat reportedly rejects Facebook's multibillion-dollar buyout

Sources say Snapchat has spurned a $3 billion acquisition offer from Facebook, and that 23-year-old CEO Evan Spiegel has said he won't sell a significant portion of the company until at least next year. Facebook had hoped that Snapchat could help it win back teen users, but some analysts say the messaging application would have lost much of its appeal after a Facebook takeover. "If you're friends with your parents and relatives on Facebook, you don't want to share your most candid pictures there," Ryan Tate writes.

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