Home Business NewsBusiness China’s Alibaba is investing in $15bn start-up Snapchat

China’s Alibaba is investing in $15bn start-up Snapchat

by LLB Reporter
12th Mar 15 10:12 am

Mark Zuckerberg might well be jealous…

 

Snapchat is the third most valuable start-up in the world.

The app, which lets users send messages that disappear in seconds, has been valued at $15bn in a new investment round.

The company is not even four years old yet.

And its newest shareholder is worth taking note of: “China’s eBay” Alibaba is about to invest $200m into Snapchat, according to Bloomberg.

Alibaba is China’s gargantuan ecommerce site. Its $25bn IPO in September was the biggest in history.

Alibaba founder Jack Ma was, until last month, the richest person in China. (Click the link to find out who toppled him.)

Alibaba’s investment values Snapchat at $15bn, according to people close to the deal cited by Bloomberg.

Snapchat CEO and co-founder Evan Spiegel, who is yet to reach his 30th birthday, has declined to comment on the latest fundraising round.

He turned down a $3bn acquisition offer from Facebook in 2013, when Snapchat was just two years old.

At the time, we thought Spiegel was verging on arrogant for rejecting Facebook’s multi-billions.

Today we eat our hats, and wonder if Mark Zuckerberg is kicking himself for not offering more.

 

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