Facebook is no stranger to billion dollar acquisitions, it already spent a $1 billion to acquire Instagram. If the latest from The Wall Street Journal is to be believed, the world’s largest social network put an offer of $3 billion in cash to acquire Snapchat, only to be rejected. This basically means that the folks at Snapchat believe their company is worth more than what Facebook put on the table, it hasn’t been said if Snapchat came back with a counteroffer that’s in line with their expectations.

Snapchat currently touts over 100 millions users who send more than 350 million self-destructing snaps every day. The Journal says that CEO Evan Spiegel isn’t considering being acquired at this point in time, and that he won’t seriously consider it at least until next year. Apparently he’s hoping that the continued growth will push Snapchat’s valuation even higher. Snapchat’s meteoric growth as certainly caught Facebook’s attention. The social network tried to offer similar features to its users under Facebook Poke, but ever since its launch late last year, it hasn’t seem to have dented Snapchat’s user base in any major way. It obviously can’t be said for sure if Facebook will continue aggressively bidding for the company that’s already rejected an offer worth three Instagrams.

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