Getting revenge on throngs of short-sellers can’t have been the only reason. Its multi-class share structure, which is so abysmal it has inspired stock-index creators to reject the company from inclusion, excuses it from having to notify investors of any changes. It didn’t have to, as Snap made perfectly clear in documents submitted to regulators. Even though the shares are non-voting, the two companies have excellent reasons to connect.Īfter a dismal quarter that wiped out another one-fifth of Snap’s market value in after-hours trading on Tuesday, it’s no wonder the company revealed Tencent’s enlarged stake. peer, whose Snapchat service is best known for the ability to make photos vanish. The owner of China’s killer app WeChat now owns 12 percent of its struggling U.S. HONG KONG (Reuters Breakingviews) - Tencent and Snap have sent a short but effective message to Facebook. A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016.
