Why did Snapchat turn down three billion dollars?

Let’s not forget that Instagram was sold for “only” a billion dollars or so. So would would Snapchat turn down three times that amount?

Why did Snapchat turn down three billion dollars?

One of Snapchat’s investors, Institutional Venture Partners, is quite explicit that it invested in a zero-revenue company because its “growth and engagement metrics are off the charts,” and because it is used largely by the young.