Why Bilibili Stock Jumped 14% Today
Shares of Bilibili (NASDAQ: BILI) were surging on Thursday, rising 14.2% as of 3:30 p.m. EST. The China-based social media network that's built around sharing and commenting on short-form videos has emerged as an important channel for news and entertainment as large portions of China are paralyzed by the coronavirus.
Many Chinese stocks have taken a beating amid the virus outbreak, but Bilibili and similar online news sources are swimming against the stream.
Chinese authorities are locking down Wuhan, the source of the virus, asking its residents to stay in the city in order to contain the spread of the disease. Social media platforms such as Bilibili make it easy to share what's going on inside quarantined areas, and some media-streaming services are making special efforts to serve populations behind locked doors. For example, Bilibili partnered up with the popular Strawberry Music Festival to share the festival's music videos for free.
Source Fool.com
