A source told the AFP news agency that China’s biggest e-commerce company, Alibaba, is putting £140m ($200m) into Snapchat.
Although the scale of the investment suggests Snapchat is worth £10bn ($15bn), that is less than the company was valuing itself just a month ago.
Snapchat was developed by Evan Spiegel, who turned down a £2bn ($3bn) takeover offer from Facebook in 2013.
Bloomberg reported that Spiegel declined to comment on the deal, but quoted him as saying: “We are famous for not talking about the future.”
Snapchat users can send photos and videos which self-destruct after a few seconds.
Advertisers are attracted to the app because its users are younger than many other networks.
The app has now launched a Discover service, with an edition from Sky News and Sky Sports every day tailored specifically for the platform… see more
source: skynews
Tags: Latest Technology News, Snapchat Value Hits £10bn, technology
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