Alibaba is investing $200 hundred million into Snapchat. The move will boost the valuation of the private photo messaging app to an estimated $15 billion. The 4-year-old tech company company turned down a $3 billion acquisition offer from Facebook and has since raised $650 million of funding. Snapchat is currently banned in China but has over 100 million monthly active users worldwide. The app has yet to generate any significant revenue but recently began showing mainstream media video clips from outlets including CNN and ESPN. Alibaba is working to build up mobile services as more and more customers shop via their smartphones.
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