Snapchat rejected an acquisition offer from Facebook . that would have valued the company at $3 billion or more, according to a Wall Street Journal report.
Snapchat recently hits $100 billion in market value for the first time after surging usage and a rebounding market for digital ads sent the social-media stock soaring this year.
Social-media companies have seen their revenue swell as stuck-at-home consumers spent more time on their platforms and spending on digital ads rebounded from an initial drop last year. Snapchat's daily active users rose to 265 million in the fourth quarter, a 22% increase from the same period a year ago. See less
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