Facebook Inc (FB) reportedly building a Snapchat competitor… again

Posted May 19, 2014

Facebook Inc (NASDAQ:FB) recently shut-down Facebook Poke, which was a failed attempt at a Snapchat rival. Facebook is reportedly going to release a new ephemeral video-chat app, according to The Financial Times.

Internally, the app is being called Slingshot, which has been in development over the last few months under the supervision of Mark Zuckerberg. 

Slingshot will let users send photos or short videos that can only be viewed once to their friends by tapping on profile pictures. The app will be standalone just like the Facebook Paper app.

Last year, it was rumored that Facebook attempted to acquire Snapchat for $3 billion.