After the company caved into the demands of the NSCC and restricted trading on so-called “volatile shares”, the amount was reduced from the initial $3 billion to $700 million.
Both tech giants have issued a statement to all app developers that they must remove a common bit of code from their apps that collects location data from users in order to create marketing campaigns.
The White House and several US lawmakers have repeatedly said that the video-sharing app poses a national security risk based on the fact that it’s owned by a Chinese company.
The secretive “Project Cognac” is expected to be up and running by the end of the month, and it will feature externally developed games designed to work inside the Snapchat app.
The company is planning to launch an online streaming service for which it has spent over $1 billion on new content, signing with names such as Oprah, Reese Witherspoon, Steven Spielberg and more.
