Alibaba to invest in Snapchat at US$15b valuation
[NEW YORK] Chinese e-commerce company Alibaba Group Holding Ltd is planning to invest US$200 million in Snapchat, valuing the photo-messaging service at about US$15 billion, Bloomberg reported on Wednesday, citing people it said were familiar with the situation.
A month ago, Bloomberg reported that Snapchat is looking to raise as much as US$500 million in a new funding round that would value the Los Angeles-based company at up to US$19 billion.
The Alibaba investment would not be part of that round of funding, Bloomberg reported on Wednesday.
Neither Alibaba nor Snapchat representatives were immediately available for comment.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think
Hollywood animation, VFX unions fight AI job cut threat