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Report: Snapchat May Get Cash From Alibaba

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Report: Snapchat May Get Cash From Alibaba
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Alibaba Group Holding Ltd (NYSE: BABA) will invest $200 million in the social media startup Snapchat, according to a Bloomberg report.

Snapchat is reportedly looking to raise a round of financing that would value it at up to $19 billion. But unnamed sources told Bloomberg that Alibaba's prospective investment would be independent from that round.

Bloomberg reported last summer that Alibaba halted investment talks with Snapchat, but "left the door open" to further negotiations to follow Alibaba's initial public offering.

Separately, Saudi Prince Alwaleed Bin Talal's Kingdom Holdings said Sunday it discussed "future potential business cooperation" with Snapchat Chief Executive Evan Spiegel at a meeting in in Riyadh, Saudi Arabia.

Alwaleed is reportedly worth more than $22.9 billion and has investments in the social media companies Twitter Inc (NASDAQ: TWTR) and JD.Com Inc. (NASDAQ: JD) along with holdings in traditional media, finance and hotels.

Posted-In: Bloomberg SnapChatNews Financing After-Hours Center Tech Best of Benzinga

 

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