Reports of the purchase comes as a vote of confidence in Snap, just one day right after the it missed out on revenue projections for Q3, with shares dipping around 20% in after-hours trading on Tuesday .
BEAM 9 Nov, 2017
Tencent, one of China's internet giant, has bought a roughly 12% stake in Snapchat parent company, Snap, according to reports on Wednesday.
In a quarterly filing with the Securities and Exchange Commission (SEC), Snap stated that Tencent informed the company this month of the investment.
Sources stated that Tencent had acquired 145.8 million in nonvoting shares of Snap on the open market throughout the last three months.
Tencent operates the ever-popular WeChat, a social messaging and online payments platform. Beginning this year, it acquired a 5% stake in automotive company, Tesla.