SANTA MONICA, CALIF. — Has the big tech bubble floating over Venice Beach and Marina del Rey, a major portion of what’s become “Silicon Beach,” nearly burst?
Snap Inc., the company responsible for $3,350 one-bedroom apartments in this part of Southern California, disclosed in an SEC filing that China’s Tencent has acquired a 12% stake in the company.
This news was buried under the avalanche of boos and cries for brokers to sell Snap stock after the company reported rather horrific Q3 results on Tuesday. Pivotal Research Group Senior Research Analyst of Advertising Brian Wieser dissected the numbers, and he’s made some adjustments to Pivotal’s model on Snap Inc.
Investing in a radio broadcasting company might be a better move, based on what Wieser says.