Report: Snapchat rejected $3bn bid from Facebook
Image messaging firm Snapchat, founded by Evan Spiegel, 23, rebuffed a $3bn (£1.9bn) acquisition offer from Facebook, according to the Wall Street Journal.
If Snapchat had accepted, it would have been Facebook's biggest purchase.
Citing sources close to the matter, the Journal reported Snapchat was being pursued by others, including Chinese e-commerce company Tencent.
Popular with teenagers, Snapchat has doubled its usage recently.
According to the firm, more than 350 million images, or "snaps" are sent daily between mobile devices. Once received by users, they are erased after a few seconds.
Created in 2011, Snapchat raised more then $60m from investors last June, which valued the company at more than $800m.
However, the company has recently come under fire for claims that sent images delete themselves after being viewed.
Several hacks have been created that allow users to save snaps, posing potential privacy issues.