Variety reports: “Chinese internet giant Tencent has acquired 12% of the shares of Snapchat parent Snap. Tencent notified Snap that it recently acquired 145.78 million shares of non-voting common stock on the open market, Snap disclosed in its 10-Q filing Wednesday. Based on Snap’s closing share price Tuesday, Tencent holdings in Snap are worth $2.2 billion. The disclosure helped Snap stock mitigate its nosedive after the messaging and media app maker’s disastrous earnings report for the third quarter of 2017.”

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