Tencent Buys 12% Stake in Snapchat Parent
Snap disclosed in a regulatory filing that Chinese giant Tencent bought a 12% stake in the company, a vote of confidence in the struggling social-media and camera company.
Tencent, an early pre-IPO backer of Snap, acquired roughly 146 million of its shares in the public market since its March public offering, Snap said. The purchase adds to an investment Tencent made in Snap in 2013 during a fundraising round before the company went public.