Facebook is taking Snapchat very seriously after its failed attempt to purchase the video and picture messaging app for $3 billion last year. Mark Zuckerberg is personally supervising an internal effort to build a competing “ephemeral messaging” app, according to a new report from the Financial Times. Details are slim on the video-messaging app, but, like Snapchat, it’d take just a few clicks to share videos and pictures that would disappear after one view. If the rumors are accurate, it’s being called “Slingshot” internally and it could be released as early as this month. Of course, Slingshot would not be the first time that Facebook has tried to copy Snapchat’s formula. In 2012 it failed spectacularly with Poke, a similar video-sharing app. Mark Zuckerberg has since called that app “a joke,” and it’s been widely reported that it was developed in just 12 hours. Earlier this month, Facebook discontinued the app.

Read the full story at The Verge, or the original report at the Financial Times (subscription required).

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"Rumor: Facebook is Building a Snapchat Competitor" by @ShellyPalmer

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