According to the Wall Street Journal story, Snapchat rejected a Facebook purchase bid that would have cost the business $3 billion or more.
For the first time, following surged use and a recovering market for digital advertisements, Snapchat has just posted $100 billion on market value this year. Social media stock has soared.
Social media firms saw their income rise as home-stuck customers spent more time on their platforms, and spent on digital advertising leaped back from their first decline last year. In the fourth quarter, Snapchat’s active daily users grew to 265 million, up 22% over the previous year.