Report: Snapchat Turns Down $3 Billion Offer From Facebook

In a very bold move, Venice-based Snapchat has apparently turned down a $3 billion acquisition offer from Facebook, according to a report today from the Wall Street Journal. According to the WSJ--citing "people briefed on the matter"--Snapchat turned down the offer after Chinese e-commerce firm Tencent offered to lead an investment valuing the company at $4 billion. A $3 billion acquisition offer is heady territory for Southern California's high tech startup ecosystem--the largest exit in recent memory for a venture-backed startup was the 2011 IPO of Green Dot, worth $2 billion to its investors.