Reuters exclusively reported that the company’s chairman and a Chinese state investor plan to take China’s answer to Twitter private. Those gains shrunk to just over 6% after the opening bell. A deal could value Weibo at more than $20 billion, facilitate shareholder Alibaba’s exit and see Weibo eventually relist in China to capitalize on higher valuations.
Reuters exclusively reports Weibo chairman, state firm plan to take China’s Twitter private
Shares of Weibo Corp surged more than 50% in premarket trading following the Reuters report.