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. If the rumors are accurate, its 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 Snapchats formula.
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