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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.
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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.
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