Chinese Internet giant Alibaba is reportedly in talks to buy self-destructing messaging app Snapchat at a valuation of $10bn, according to Bloomberg’s sources.
Snapchat previously turned down an offer from Facebook for $3bn last November.
As we reported then, founder Evan Spiegel said he wasn’t going to consider selling to another company until this year at the earliest.
The ephemeral photo service has already seen investment from Chinese Internet group, Tencent, which contributed to a $50 million raise in December 2013. In total Snapchat has received $133m in funding to date.
Alibaba’s interest in Snapchat isn’t that big of surprise. The company has toyed with social media, investing in one of China’s biggest microblogging platforms, Sina Weibo, and Tango, a messaging and calling service that also features games.
The Internet giant may also be trying to beef up its presence in the US ahead of its initial public offering on the New York Stock Exchange, which is supposed to come soon.
The company has already invested in U.S. transportation company Lyft; it also recently launched a U.S. marketplace called 11Main. Snapchat could be its latest bid to gain a foothold in the American market.
Talks are still on-going, reports Bloomberg, and nothing is confirmed yet.
When reached for confirmation, representatives from Alibaba declined to comment. Snapchat has yet to respond to our request for comment.