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The messaging and photo-sharing app Snapchat has reportedly declined an offer from Facebook to purchase the company for about $3 billion in cash, according to the Wall Street Journal. Unnamed sources familiar with the matter told the Journal that the company’s co-founder and CEO Evan Spiegel is optimistic that the app’s growing number of users and message volume would warrant an even higher valuation at a future point in time. Though a company spokesperson refused to comment, the sources said he would probably not consider acquisition offers until early 2014.