Tencent buys 10 percent stake in Snap

FILE - In this Thursday, March 2, 2017, file photo, a banner for Snap Inc. hangs from the front of the New York Stock Exchange, in New York. Chinese internet company Tencent buys a 10 percent stake in Snap, announced Wednesday, Nov. 8, 2017. (AP Photo/Mark Lennihan, File)

Mark Lennihan

NEW YORK (AP) — The Chinese internet company Tencent is buying a 10 percent stake in Snap, further expanding its ownership in large U.S. technology companies.

Tencent runs the WeChat messaging app, as well as online payment platforms and games. Earlier this year, it bought a 5 percent stake in Tesla Inc.

Snap Inc. is the parent company of Snapchat, a camera app that lets people send short videos and images. The company, based in Venice, California, said that Tencent bought 145.8 million shares of Class A, non-voting stock.

This week with President Donald Trump meeting in China with President Xi Jinping for the first time, U.S. and Chinese companies signed deals valued at around $9 billion.

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