Even by the tumultuous standards of its short life as a public company, Snap has had a rollercoaster week.
On Monday its main app, Snapchat, suffered a global service outage for several hours. Tuesday brought the third successive earnings report to miss Wall Street’s estimate since its March initial public offering, sending its stock plunging to below $13.
Wednesday morning then brought a slight reprieve. Snap’s quarterly regulatory filing revealed that Tencent, the Chinese internet group behind WeChat, had quietly built a 12 per cent stake in the Los Angeles-based company, worth more than $2bn.
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