Why Reddit (RDDT) Stock Is Down Today [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Yahoo! Finance
Advance Magazine Publishers (the parent company of Conde Nast, which owns brands like GQ and Vanity Fair) is planning to sell up to 7.8 million of its Redditt shares at a discounted price. The sale is expected to fetch Advance Magazine Publishers roughly $ 1.2 billion, which translates to a high single-digit discount relative to the stock's closing price on November 21, 2024 (a day before news of the sale was reported). Separately, the company plans to buy derivatives to offset the sale and enable it to maintain its stake in Redditt as part of a credit facility. The stock's reaction suggests markets expect the sale to depress Redditt's share price at least in the short term. Separately, China's Tencent Holdings also disclosed in a regulatory filing that it sold a portion of its Reddit shares. The recent sale reduced Tencent's ownership in Redditt to 7.7m shares, down from 10.7m earlier in the month. The stock market overreacts to news, and big price drops can present good opportun
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