Snapchat was founded in 2011 by Evan Spiegel and Bobby Murphy, who wanted to create a new streaming app that was free to use. Snapchat ended up becoming one of the most popular apps to download on your phone and was valued at about $20 billion at one point in time.
Snapchat is still going strong, but it is not as popular anymore as Instagram and Facebook also have similar features. Tencent ended up purchasing 10 percent of the company just like it did with Spotify and has been enjoying the revenue every year. Tencent has become a Chinese monopoly and is buying every company it can.