Tech journalist Sam Biddle put it well on Twitter last night: “‘No, I do not want your three billion dollars.’ – a real thought someone had & expressed verbally.” That’s as good a summary of any of the Wall Street Journal‘s report that social app Snapchat has turned down a $3bn acquisition offer from Facebook. Its report claims that Snapchat’s 23 year-old CEO Evan Spiegel is holding out for bigger offers early next year, if his startup continues to grow, while also pursuing negotiations for a funding round that may value Snapchat at $4bn. “I think this is classic bird-in-hand versus bird-in-bush,” Forrester analyst Julie Ask tells the New York Times. “Snapchat must believe the bird-in-bush is bigger.” The company’s users are currently sending 350m photos a day – as many as are being uploaded to Facebook, which is clearly concerned about a possible drain of teenage users to Snapchat and other messaging apps. And if you’re still shaking your head on what Snapchat is and why teens love it, try The Guardian‘s profile of the company’s history, controversies and future moneymaking plans.