- Singapore state investment firm Temasek was among institutional investors that have bought stakes in Snap, parent of messaging app Snapchat, US Securities and Exchange Commission filings show.
- Temasek owns 300,000 shares in Snap, accounting for 0.04 percent of the company, according to Bloomberg data.
- Big US funds like Fidelity Management & Research and Coatue Management have held positions even before Snap went public.
Why it matters:
- Snap’s stock jumped on account of the stake disclosures, after last week’s losses that were brought about by poor quarterly results – the first publicly reported. Snap missed revenue and user growth targets amidst a heated competition with Facebook.
- Temasek is a force to be reckoned with. An early investor in Alibaba and Uber rival Grab, the Singapore government’s fund owns a portfolio worth over US$170 billion in Singapore and Asia.