Tencent Invests $2 Billion Buys 12 Percent Stake in Snap Inc

Tencent Invests $2 Billion Buys 12 Percent Stake in Snap Inc

China tech giant Tencent have bought 145.8 million non-voting shares ($2 billion) in Snap Inc, presenting a 12% shareholding in the US company.  The private messaging company went public on 2nd March 2017 at $17, reached a high of $29.44 the next day and 8 months later, is currently trading at $12.76 (10th November 2017).

“Chinese Tech Giant Tencent Invest $2 Billion, Buys 12 Percent Stake in Snap Inc”

Tencent had also developed the hugely popular messaging platform WeChat, with almost 1 billion users.  Snapchat has 178 million daily active users.

Source: South China Morning Post, Reuters, CNN

 

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