Snapchat Worth $10B After Investor Talks with Alibaba

By Jabong world

According to reports, Snapchat has entered into talks with Alibaba Group and a handful of other investors regarding a round of financing that could value the company at a cool $10 billion. Businessweek reported that talks are ongoing but have not identified their source because the discussions are private.

Snapchat’s popularity has soared in recent months, with users sending more than 700 million disappearing photos every day and more than 500 million ‘stories’. The photo-sharing app now competes with Facebook, which tried to buy the company last year for $3 billion.

Snapchat is said to be introducing a new feature imminently, which will allow users to send text messages as well as imagery and video. This would put it in even more direct competition with Facebook following its acquisition of WhatsApp in February.

Both Snapchat and Alibaba Group are yet to comment.

To date, Snapchat has raised more than $100 million in financing from investors including Lightspeed Venture Partners, Benchmark, Institutional Venture Partners, General Catalyst Partners and SV Angel.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI