China’s Tencent buys a 12% stake in Snapchat’s Snap

Almaty. November 9. Silkroadnews - China’s Tencent buys a 12% stake in Snapchat’s Snap, Los Angeles Times reports.
Chinese internet company Tencent has bought an approximately 12% stake in Snap, the parent company behind Snapchat application, further expanding its share in the U.S. technology companies, the statement says.
Tencent runs the WeChat messaging app, as well as online payment platforms and games. Earlier this year it bought a 5% stake in Tesla Inc.
Snap Inc. is the parent company behind Snapchat, a camera app that let people sending disappearing videos and images.
Reportedly, Tencent’s stake in Snap amounts to 145.8 million shares of Class A, nonvoting stock. Snap revealed Tuesday that its loss tripled to $443.2 million during the third quarter on weak user growth and revenue. It faces intense competition from Apple, Facebooks Instagram and WhatsApp, and Googles YouTube.