Snapchat's in talks to raise another $500 million at a $16 to $19 billion valuation.
According to Bloomberg, the company is speaking with hedge fund managers to close the new round, which would bring Snapchat's total amount of money raised to more than $1 billion.
What's all the fuss about? If you're new to and confused by the self-destructing photo and video app, you're in luck!
I'm 22 and I use Snapchat obsessively with 6 of my best friends. Here are all the basics, as well as everything you never knew you could do on Snapchat
Snapchat hack: If you're on an iPhone, you'll notice white and black are absent from the color palette (Android users have them built in). You can get the white crayon by touching the palette and dragging your finger towards the top left corner. To get black, touch the palette and drag your finger toward the bottom of the screen.
Snapchat hack: When the person you're talking to is chatting with you, the yellow button turns blue. If you and your friend both hold down that button at the same time, you can do a live video chat with that person. It's kind of like FaceTime.