Snapchat Turns Down $3 Billion Buyout

The young founders of the popular social media app turned down a whopper of a deal.
1:11 | 11/14/13

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Transcript for Snapchat Turns Down $3 Billion Buyout
Would you turn down $3 billion? Two young men who recently started a social media company just did. They rejected a huge buyout offer from facebook. And abc's rebecca jarvis has much more here. Rebecca, good morning. Reporter: Can you imagine, josh? The name of the company is snapchat. You may not have heard about it. But I'll bet your teenager has. It allows you to send pictures and videos that disappear after ten minutes. Many parents worry it gives teens an easier way to send sexually explicit photos. But the company hasn't made money yet. The 23-year-old ceo and his co-founder, they were working out of a beachfront bungalow in venice beach. The fact that facebook was willing to spend $3 billion, shows how critical it is to attract teens. The former founders think they can do better. Either the gutsiest or dumbest move ever. That's true, rebecca. As I rethink so many choices i made in my life.

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