Investing.com - Rumors are swirling on Wednesday, with various media outlets reporting that Snap Inc (NYSE:SNAP) is close to acquiring Chinese drone maker Zero Zero Robotics. All of the reports are pointing to "The Information" as the original story source.
Zero zero robotics is known for its line of $500 selfie drones. According to Tech Crunch, the purchase price will likely fall in the range of $150-$200 million. Snap Inc. is the owner of snapchat. The company went public in March and shares have dropped almost 50% since its IPO as Snapchat is struggling to build its user base due to heavy competition.
The company has already diversified into the hardware business by launching its video recording sunglasses called Spectacles.