Snapchat, which was valued at $800 million just a few months ago, makes an app for sending pictures and videos, called “snaps,” that disappear after a few seconds. The service now processes more than 400 million snaps per day, and is a big hit with tweens and teens, although the company has yet to say how many people use it

http://news.cnet.com/8301-1023_3-57613694-93/snapchats-evan-spiegel-saying-no-to-$3b-and-feeling-lucky/