Snapchat had reportedly been in funding talks with Alibaba in a deal valued at $10 billion.
The conversations have ended and “haven’t been active for some time,” according to Bloomberg and their all-important “other people familiar with the matter.”
Snapchat will still be looking to raise some funding
Still, Snapchat will be raising some funding. In a corporate filing in Delaware on Aug. 4, Snapchat authorized 17.4 million shares of new preferred stock, an increase from the 1.2 million shares a month earlier. The shares are valued at a fraction of a cent, according to the filing.
Snapchat turned down a $3 billion acquisition offer from Facebook last year as it looked to grow its user base and therefore its overall worth to investors and possible suitors for an acquisition. Facebook later went on to acquire WhatsApp Messenger.
Snapchat is available on iOS and Android with third-party solutions such as 6Snap available on Windows Phone and Snap2Chat available on BlackBerry 10.