Tencent Counts Kim Kardashian Game Maker Among Losing Investments
Posted in: UncategorizedThe game based on the reality TV star’s life just can’t keep up.
App developer Glu Mobile, which created the “Kim Kardashian: Hollywood” role-playing mobile game in 2014, has fallen most out of 11 known listed investments tabulated by Bloomberg. Its share price has dropped almost 60% since Tencent Holding’s $126 million investment 16 months ago and 3.7% year-to-date.
Six of the 11 companies surveyed have fallen since Tencent’s investments from between 2011 and June this year. Tencent has at least a 5% stake in each of them. China’s largest internet company has been investing aggressively in add-ons from maps to mobile games to complement its WeChat and QQ social network services. Its strategy seems to be paying off for now — earlier this month, its second-quarter sales and net income beat analysts’ estimates, and the shares rose to a new record.
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