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Snapchat Is Raising Money From Alibaba at a $15 Billion Valuation

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Alibaba Group Holding Ltd. plans to invest in Snapchat Inc., the mobile application for sending disappearing photos, at a valuation of $15 billion, people familiar with the situation said.

China’s biggest e-commerce company intends to invest $200 million, said the people, who asked not to be identified because the discussions are private.