Yahoo 'set to invest in Snapchat'

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Yahoo is close to investing millions of dollars in mobile messaging service Snapchat, which may value the start-up at about $10bn (£6.2bn), according to reports.

Snapchat allows users to send images and videos that "disappear" seconds after being viewed. The company is said to have rejected a $3bn takeover offer from Facebook and other tech behemoths, including China's Alibaba and Tencent groups in recent years. Yahoo and Snapchat refused to comment. According to the Wall Street Journal, Yahoo may invest about $20m in Snapchat's next funding round after cashing in from its stake in e-commerce giant Alibaba. In 2005, Yahoo co-founder Jerry Yang bought a 40% stake in Alibaba for about $1bn. It sold part of that stake during last month's in...

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