Facebook's failed $3 billion acquisition bid of Snapchat.

Facebook's $3 billion acquisition bid was reportedly shot down by photo messaging company Snapchat. 

According to the Wall Street Journal, Facebook is not Snapchat's only potential acquirer; the company is being courted by several investors. Snapchat's co-founder and CEO Evan Spiegel is protective of his company and will not likely consider any offers until at least early next year.

Spiegel believes that Facebook's bid undercut what the company is really worth. Chinese e-commerce giant Tencent Holdings already offered to lead an investment that would value the company at $4 billion, $1 billion over Facebook's acquisition bid. Spiegel hopes that by waiting, the company's user numbers will grow enough to justify an even higher valuation of the company. 

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Snapchat was founded in 2011 by Evan Spiegel and Bobby Murphy as a project for one of Spiegel's classes at Stanford University. The app, which is very popular amongst teens, allows the user to take a photo or video, add text and drawings, and send it to a friend for a limited period of time. After a few seconds, the image or video is deleted from the friend's phone and they can never see it again, unless they grabbed a screenshot prior to the image expiring. The service has yet to generate revenue but has a large following of teens and young adults. Due to the limited amount of time the image or video is available, the app has been associated with sexting; teens and young adults are more willing to send sexually explicit images or videos with the knowledge that they will not be stored on the recipient's phone. 

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