Tencent Holdings has significantly reduced its stake in social media platform Reddit. The company disclosed that it sold approximately 655,000 shares at an average price of $133.76 per share. Additionally, between November 14 and November 18, Tencent sold around 882,500 shares at an average price of $129.38 per share. Earlier this month, Tencent also sold nearly 1.5 million shares at an average price of $132.19 per share.
In total, Tencent's sales amounted to nearly $400 million, decreasing its holdings in Reddit by about 28%. Despite this substantial sell-off, Tencent still retains over 7.75 million shares in the company.
