Why LendingClub Corporation Stock Jumped on Tuesday
Shares of LendingClub Corporation (NYSE: LC) are on the move, rising about 10% as of 3:30 p.m. EST after a major shareholder filed a revised 13D filing showing an increased stake in the company. Shanda Media Limited, led by Chinese billionaire Chen Tianqiao, recently added to its position in LendingClub stock, purchasing 4 million shares on Dec. 7.
Tianqiao burst onto the LendingClub scene in 2016, when Shanda Media Limited filed its first 13D filing, showing that it owned nearly 12% of the online consumer lender. The shares were purchased as LendingClub's stock cratered because of the abrupt resignation of its CEO, Renaud Laplanche.
Image source: Getty Images.
Source: Fool.com