Snapchat, the pioneer of self-destructing instant messages, has held talks about selling a stake to Chinese internet group Alibaba as part of a funding round that could value it at more than $10bn, according to people familiar with the discussions.
However, the discussions with Alibaba have not progressed far and a deal looks like a long shot as the Chinese internet company gears up for its own initial public offering, one of these people cautioned. “It is highly unlikely to happen,” this person added.
The conclusion of any new financing for Snapchat, as well as the terms, were also said on Wednesday to remain uncertain.
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