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Why Tencent Stock Dropped Today

TheMotleyFool

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Tencent Holdings (OTC: TCEHY) fell 7.5% Wednesday after its largest shareholder announced plans to sell as much as $15 billion worth of its stock.

Prosus (OTC: PROSY) said it will sell up to 191.89 million Tencent shares, or roughly 2% of the Chinese tech titan's total share count. The sale will take Prosus's massive stake in Tencent down from 30.9% to 28.9%.

Image source: Getty Images.

Source Fool.com

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