Snap Inc said on Wednesday that Chinese tech and media investment firm Tencent Holdings Ltd had taken a 12 per cent stake in the company, a day after the owner of disappearing-messaging app Snapchat was punished by Wall Street for disappointing quarterly results. Snap's shares fell 16 per cent to $12.67, well below their $17 initial public offering price in March, as investors fretted about Snap's slowing user growth in the latest quarter and viewed Tencent's move as an investment rather than the precursor to a merger. "(Tencent) buys all sorts of minority ...
China's Tencent acquires 12% stake in Snap as shares plunge
Snap's shares fell 16% to $12.67 as investors fretted about Snap's slowing user growth in the latest quarter
Reuters Last Updated at November 9, 2017 10:55 IST