Altaba sells stake in Snap Inc for USD69.3 million

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Altaba, the parent company of Yahoo inc. said it has sold off its common shares in Snap Inc., the parent company of Snapchat for USD69.3 million.

Altaba said it used to own 4.6 million shares common shares in Snap Inc. before the sell-off.

Altaba Inc. is an independent, publicly traded, non-diversified, closed-end management investment company registered under the 1940 Act. The Fund’s common stock is listed on NASDAQ Global Select Market.

On June 13, 2017, Yahoo Inc. completed the sale of its operating business to Verizon Communications Inc. Subsequently, the Company was renamed “Altaba Inc.” and began trading under the ticker symbol “AABA.” Because Altaba Inc.’s assets consist primarily of equity investments, short-term debt investments, and cash, the Company was required to register as an investment company under the Investment Company Act of 1940.

The completion of the sale of the operating business to Verizon did not otherwise affect shares of Yahoo common stock, which now represent shares of common stock of the Company after it registered as an investment company and changed its name to “Altaba Inc.”

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