ALSO READCould Snapchat's biggest selling point now be its downfall? Tencent reinforces India's consumer internet story Infosys says activist shareholders are a risk factor in SEC filing Snapchat reports mere 166 mn daily users, stocks tank to lowest since IPO Tencent Music is said to seek pre-IPO funds at $10 bn value
Tencent Holdings has taken a 10 per cent stake in social media software maker Snap. In an SEC filing Wednesday, the Snapchat developer said Tencent bought 145.8 million non-voting shares in the company.
Snap said Tuesday it’s redesigning its mobile application to reach a broader audience and make more money from ads, as third-quarter financials showed sales growth keeps lagging investor expectation.