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Is Facebook creating a Snapchat killer?

It seems that having 1.3 billion users, a record-high share price and owning Instagram and WhatsApp isn't enough.

Now Facebook is rumoured to building a Snapchat competitor.

Oh Snap

According to a report in the Financial Times, Facebook is working on a Snapchat rival, labelled Slingshot, that will allow users to send images and short-form video messages.

Slingshot's interface is grid-based (like Snapchat), sends content in real time (like Snapchat), which is then deleted after a specified time limit (just like Snapchat).

Mark Zuckerberg is rumoured to be personally overseeing Slingshot, with the app slated for release in June.

The greatest form of flattery

The move makes sense for Facebook as it seeks to corner the increasingly crowded and competitive messaging service.

In November 2013 Snapchat refused a US$3 billion buyout offer from Facebook, who then snapped up WhatsApp for US$21 billion instead.

If the Slingshot rumours are true that might prove a very costly decision for Snapchat.

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