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Alibaba Ploughs $200 Million Into Snapchat In Latest Startup Deal: Source

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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The logo of Alibaba Group is seen inside the company's headquarters in HangzhouAlibaba Group Holding Ltd is investing $200 million in photo-messaging app Snapchat, a source familiar with the deal said, striking its latest Silicon Valley deal as the Chinese ecommerce company builds up mobile services. The investment values the company at around $15 billion, according to Bloomberg, citing people familiar with the situation as saying. Snapchat's latest valuation is a massive increase for a company that Facebook offered to buy in late 2013 for $3 billion. In January, it began carrying videos and articles from mainstream media outlets such as CNN and ESPN, bringing Snapchat into closer competition with Facebook Inc and Twitter Inc .




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