![]() ![]() Tencent was also at one point rumored to be one of the companies interested in acquiring the Snapchat as part of its wider global ambitions, and specifically to expand more into the U.S. Further investments from Tencent have never been confirmed. Tencent took part in at least one funding round, a Series B of $60 million disclosed in 2013, around the time of reports that it was interested in investing in a subsequent round. Significantly, it also means that we don’t know what Tencent’s total holdings in Snap are now, either. The two companies, Tencent and Snap, have long been connected to each other. “Tencent and Snap are not obligated to disclose changes in Tencent’s ownership of our Class A common stock, so there can be no assurance that you, or we, will be notified of any such changes,” Snap writes. This is non-voting stock, and so it means that we will not get much visibility from Tencent and Snap when and if these shareholdings change further, as they will not need to be reported to the SEC. In a 10-Q SEC filing for its quarterly results that were announced yesterday, Snap disclosed that Tencent has acquired another 145,778,246 shares of Class A common stock in open-market trades, which works out to roughly 12 percent of the company. Now, as Snap’s stock price buckles under the weight of slow user growth and missed revenue expectations, Tencent is deepening its hold on the company. ![]() We already knew that Tencent, the owner of China’s messaging behemoth WeChat, was an investor in Snap when the company was still a startup going by the name of its flagship app, Snapchat. ![]()
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