China's Tencent Buys 12 Percent Stake in Snap
"Snap Inc. disclosed in a regulatory filing Wednesday morning that Chinese giant Tencent Holdings Ltd. bought a 12 percent stake in the company," reports Fox Business (Nov. 9, Russolillo, Vaishampayan). The purchase represents a vote of confidence in the struggling social-media and camera company. The purchase adds to an investment Tencent made in Snap four years ago during a fundraising round prior to the company going public. The disclosure came one day after Snap's quarterly results failed to meet Wall Street's expectations. The company went public earlier in 2017 in the largest U.S. initial public offering in years.
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