Snapchat founder, 23, 'rejects $3bn bid from Facebook'

The 23-year-old CEO of the Snapchat messaging app has reportedly turned down a $3bn cash offer from Facebook.

According to the Wall Street Journal report, co-founder Evan Spiegel is understood to have rejected the cash despite the fact that the company is losing money and has no revenue streams or business model.

The app has sends messages which disappear in 10 seconds or less, and is mostly used by teenagers and young adults.

The company - estimated by some to be worth up to €3bn - says it is currently trying to raise private funding.