Chinese Tencent - takes a major stake in Snapchat

Snap loses discloses Tencent's $2B stake

Snap's senior VP of engineering will step aside just as the company plans to release a comprehensive overhaul of its signature Snapchat platform. Meanwhile, Snap has disclosed that Chinese internet giant Tencent has accumulated a massive stake in the business via the open market: As Snap’s new filing also pointed out, Tencent tctzf is also a competitor to Snap snap . The Chinese firm is best known for its WeChat messaging app, although it has also build up a massive investment portfolio and is even building self-driving car technology. On Wednesday, Tencent’s e-book unit China Literature held an IPO that saw its Shares double in price.