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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 

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 ...

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First Published: Thu, November 09 2017. 09:13 IST
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