Snapchat rejects $3 bn buyout offer from Facebook

Mobile messaging startup Snapchat has reportedly rejected an acquisition offer worth three billion dollars from Facebook.

Facebook representatives reached out to Snapchat in recent weeks to discuss the deal, after the company acknowledged that it was seeing a decline in daily use by young teenagers in the United States, Stuff.co.nz reports.

According to the report, it would have been Facebook's largest acquisition ever.

Snapchat has been popular among teenagers which its smart feature which allows consumers to send smartphone photos that automatically disappear after a few seconds.