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

 

Video: IPO Live at the NYSE

 

Video: What is Snapchat

 


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Snapchat Plummet to New Lows as Losses Increase

Snapchat Plummet to New Lows as Losses Increase

Snap stock price dropped by more than 12.5% to $12.02, hitting new lows as Snap Inc reported losses amounting to $443 million, in the latest earnings release.  Revenue rose to $182 million from $71 million in 2016.

” Stock price drops by 12.5% after earnings’ release “

The average number of users rose to 173 million, representing a 21% increase compared to the previous year.  In 2017, Snap Inc was the largest IPO of 2017, and with market value rising to almost $34 billion (today: $15.94 billion).

Source: South China Morning Post, Wall Street Journal, Snapchat

 

Video: IPO Live at the NYSE

 

Video: What is Snapchat

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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