[iMore.com]

After a spurned attempt to acquire Snapchat for $3 billion last year, Facebook is gearing up to launch its own ephemeral messaging app, internally codenamed "Slingshot". The app, which is said to have a "simple and speedy user interface" (not unlike Snapchat) is designed to take on Snapchat with short video and photo messages that disappear after one viewing. The app has reportedly been in the works for several months, and might launch as early as this month.

Full story from the iMore Blog...