REPORT: Snapchat In Talks To Raise Funding At A $10 Billion Valuation

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snapchat evan spiegel founder

Youtube/Snapchat

Snapchat cofounder and CEO Evan Spiegel

Snapchat is in talks to raise new funding from Alibaba at a $10 billion valuation, Serena Saitto and Leslie Picker at Bloomberg report.

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Snapchat is a photo sharing app that lets people send self-destructing messages. It's a fun way to send a message to someone when you don't really have much to say.

Last year, Snapchat reportedly turned down a $3 billion buyout offer from Facebook. At the time, people were incredulous. Since then, Snapchat has continued to grow, making the company's founders look wise for not selling to Facebook.

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Facebook, meanwhile, has tried and failed multiple times to create Snapchat clones.

One of the reasons Snapchat has taken off is that it doesn't create a permanent record for users. As Facebook has grown, it has become a more formal. It's no longer a place to goof off and show yourself, say drunk, or doing silly things. Snapchat with its disappearing photos is a more relaxed space.

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