Why Bilibili Stock Rose Today
Shares of Bilibili (NASDAQ: BILI) have risen today, up by 2% as of 12:40 p.m. EDT, after the company announced that Sony (NYSE: SNE) had invested $400 million in the Chinese online entertainment platform. The stock had gained as much as 14% in early trading to tap fresh all-time highs before starting to pull back.
Bilibili said that the Japanese tech conglomerate has agreed to purchase 17.3 million newly issued Class Z shares for $400 million in cash at a price of approximately $23.11 per share, which is equivalent to the same price per American depository share (ADS). The deal is expected to close tomorrow, which will give Sony a roughly 5% stake in Bilibili.
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Source Fool.com
