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Ad mogul Martin Sorrell: We plan to double spending on Snap this year

Advertising mogul Martin Sorrell told CNBC on Friday his company plans to double its investment in Snap this year.

"But it's at very low levels. It's $200 million versus $6 billion or $2 billion for Facebook. So, you're talking about a flea on the elephant's backside," the CEO of WPP said in a wide-ranging interview on "Squawk Box."

"I think (Snap is) potentially more competitive as the third force," Sorrell added, saying he still likes Snap over...