Snapchat in process of raising new money, values company at up to $16B: Sources

Snapchat is in the process of raising $650 million in equity, which would value the company at 16 billion, sources told CNBC. The social media messaging service has $112 million in stock earmarked for a later sale. Snapchat's investors include Alibaba, Fidelity, York Capital, and Glade Brook Capital.