Why did Snapchat turn down 3 billion dollars?

Because its worth $5 billion?

By Matt Buchanan at the New Yorker.

http://www.newyorker.com/online/blogs/elements/2013/11/why-did-snapchat-turn-down-three-billion-dollars.html?utm_source=tny&utm_campaign=generalsocial&utm_medium=twitter