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Chinese internet giant purchases 10% stake in Snap

Pony Ma Huateng, Chairman and CEO of Tencent Holdings Ltd. Photo: Kin Cheung / AP

Tencent, the major Chinese internet company behind messaging platform WeChat, has built up a 10% stake in Snap, the parent company of Snapchat, per CNBC.

Why it matters: Snap shares fell 16% on Tuesday, and Tencent's purchase reads as "a vote of confidence." According to the Financial Times, Snap said it had been "inspired by the creativity and entrepreneurial spirit of Tencent and we are grateful to continue our longstanding and productive relationship that began over four years ago". Over the last quarter, Tencent purchased 145.8 million nonvoting shares, per CNBC; the internet giant also invested in Snap in 2012 and 2013.

Haley Britzky 7 hours ago
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Zuckerberg happy to testify if it is "the right thing to do”

A portrait of Facebook founder Mark Zuckerberg
A portrait of Facebook founder Mark Zuckerberg. Photo: Jaap Arriens / NurPhoto via Getty Images

Facebook CEO Mark Zuckerberg said he would be "happy" to testify before Congress if it was "the right thing to do," in an interview with CNN's Laurie Segall.

Why it matters: Facebook has been under the microscope lately for what Zuckerberg called earlier today the "Cambridge Analytica situation." Zuckerberg said if he was the "person...who will have the most knowledge," then he'd be the one to testify in the face of Facebook's data-collection situation.

David McCabe 52 mins ago
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Fed-up Congress considers making it easier to sue Big Social

A GIF shows a gavel coming coming down on a website, computer and iPhone
Illustration: Rebecca Zisser/Axios

Anti-sex-trafficking legislation heading for President Trump's desk that makes it easier to sue platforms like Facebook and Google's YouTube could provide a template for a larger crackdown on malicious content.

Why it matters: After controversies over Russian election interference and data privacy, some in the industry seem to acknowledge that regulation may be coming. "I actually am not sure we shouldn't be regulated," Facebook CEO Mark Zuckerberg told CNN Wednesday night, answering questions about the Cambridge Analytica scandal.