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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
