Wall Street Journal: The demand to own private shares in Snapchat has become so fierce that its newest investors are willing to receive second-rate stock in exchange for their money. The messaging service has revealed in a filing with the Securities and Exchange Commission that it has raised about $537 million in new funding from investors. The financing values Snapchat at $16 billion, said a person familiar with the matter, a 60% bump from its previous round in December when the company began stepping up plans to make money.