There's someone who still believes in Snapchat's creators.
Chinese tech behemoth
Tencent has taken a 12 percent stake in social media giant Snap, according to the Financial Times. Tencent sits among China's three biggest tech companies along with Baidu and Alibaba, collectively known as BAT.
The news, revealed Wednesday in Snap's quarterly filing with the US Securities and Exchange Commission, comes after the company posted disappointing results of its growth this quarter.
This is not Tencent's first investment in a US company that brought us disappearing messages. Tencent bought a 5 percent stake in Tesla in March. Tencent, the creator of popular Chinese mobile game Honour of Kings, also owns Riot Games, the maker of League of Legends. https://www.cnet.com/news/chinese-tech-giant-takes-12-percent-stake-in-ailing-snap/
