Snapchat founder 'turns down $3bn Facebook offer'

Snapchat allows users to annotate phone pictures and send them to friends for a limited time.

The founder of increasingly popular photo-sharing app Snapchat has turned down a $3bn (£1.87bn) takeover offer from Facebook, according to a report in the Wall Street Journal.

The smartphone app, co-founded by American Evan Spiegel for a project at Stanford University, allows millions of users - predominantly teenagers - to share photographs which destroy themselves after a few seconds.

Spiegel is hoping that Snapchat, which currently has no charges or advertisements, will be valued at more than $4bn when he considers acquisition offers next year, the report said.