According to a Wall Street Journal report, Snapchat turned down a bid from Facebook that would have valued the company at $3 billion or more.
After growing usage and a resurgent market for digital ads this year, Snapchat stock just surpassed $100 billion in market value for the first time.
The revenue of social media businesses has increased as consumers who are stranded at home spend more time on their platforms, and digital ad expenditure has recovered following a decrease last year. The number of daily active Snapchat users increased by 22% year over year to 265 million in the fourth quarter.
