It looks like gossip is traveling at Hyperloop speed over Snapchat’s hubris in turning down $3 billion in cash from Facebook. Om Malik just tweeted the latest: After Facebook, “Google offered $4B but @evanspiegel said no! Nice way to drive up valuation.” Valleywag heard the same. When it’s just paper billions, it’s fun to shout big numbers and listen to them echo around the bubble, gathering strength as they roll. According to our source familiar with the deal, Tencent was the first to offer Snapchat a termsheet at valuation between $3 billion and $4 billion. CEO Evan Spiegel, a privileged L.A. scion used to getting his way, said he wanted a higher valuation. At that point, Tencent walked away from the deal because it was too high. That’s when Spiegel went to Facebook and said he was ready to sell.