Snapchat Turns Down $3 Billion Cash Offer From Facebook

04:22

November 14, 2013

Snapchat CEO Evan Spiegel poses for photos in Los Angeles, Oct. 24, 2013. (Jae C. Hong/AP)

Facebook wants to increase the number of teenage users, so it offered $3 billion in cash to the founders of Snapchat to buy the popular photo-sharing mobile app.

The company - which is not yet seeing profits - turned the Facebook offer down.

Derek Thompson, business editor for The Atlantic magazine, joins Here & Now's Robin Young with details.

Guest

Derek Thompson, business editor for The Atlantic. He tweets @DKThomp.

This segment aired on November 14, 2013.