Evan Spiegel, the 23-year-old co-founder and CEO of the rapidly growing messaging service Snapchat, reportedly turned down a $3 billion offer from Facebook to acquire the company, according to the Wall Street Journal. Spiegel turned down the deal, despite the fact that Snapchat generates $0 in revenue.

“Has not made a single dollar,” Pat said of Snapchat on radio this morning. “Not a dollar in revenue, and Facebook just came to him and said, ‘Hey, how does $3 billion sound?’ ‘Umm, no, that doesn’t sound good to me. I don’t think so.’”

The Wall Street Journal reports:

Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, the people said.

A Snapchat spokeswoman declined to comment.

Snapchat specializes in ephemeral mobile messages, including text or photographs, that disappear after a few seconds. The service has not generated any revenue, but is especially popular among teenagers and young adults, who use the app to send messages to friends.

“So he’s passed on $3 billion,” Glenn said. “He’s 23 years old. I mean personally, I take the $3 billion and then dream again… This is insanity. Here’s somebody who’s never made any money at all. $3 billion they’ve offered to pay for it… Why would this be worth something? I mean it hadn’t made any money yet.”