LOS ANGELES (USA Today) — Snapchat, the 3-year-old messaging app with disappearing photos, could become the world’s third-most valuable tech start-up.
Snapchat is said to be in talks to raise as much as $500 million, which would value the company at $16 billion to $19 billion, according to a Bloomberg report. Snapchat declined comment.
That would put the company right under China’s Xiaomi ($46 billion) and ride-hailing service Uber ($41 billion).
Snapchat was born in a dorm room at Stanford University as a new way for young folks to communicate, with messages that wouldn’t become part of their online record. Photos and videos disappear within 10 seconds.