Snapchat Parent’s Stock Snaps Back After Reporting Tencent’s Investment
Shares of Snap Inc. rebound 5% after Chinese internet giant Tencent Holdings Ltd. reported that it had bought a 12% stake in the unprofitable owner of the popular social networking platform Snapchat.
Earlier this month, Tencent notified Snap that it, along with its affiliates, had acquired nearly 146 million Snap shares on the open market, the U.S. company said in a filing to the U.S. Securities and Exchange Commission (SEC) on Wednesday.
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