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Renrenwang was a Chinese social media company that was once called the Facebook of China. In 2011 they IPO'ed on the New York Stock Exchange raising more than $700 million. By 2018 their social media platform had completely imploded and became almost completely worthless. The one valuable asset they still owned was a 13% stake in SoFi. CEO Joseph Chen as well as other insiders and sold the SoFi stake to themselves at a 50% discount, at the expense of minority investors.
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Renrenwang was a Chinese social media company that was once called the Facebook of China. In 2011 they IPO'ed on the New York Stock Exchange raising more than $700 million. By 2018 their social media platform had completely imploded and became almost completely worthless. The one valuable asset they still owned was a 13% stake in SoFi. CEO Joseph Chen as well as other insiders and sold the SoFi stake to themselves at a 50% discount, at the expense of minority investors.
Sign up to our daily newsletter for free: https://wallstreetmillennial.com/newsletter
Email us: Wallstreetmillennial @gmail.com
Support us on Patreon: https://www.patreon.com/WallStreetMillennial?fan_landing=true
Check out our new podcast on Spotify: https://open.spotify.com/show/4UZL13dUPYW1s4XtvHcEwt?si=08579cc0424d4999&nd=1
All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email, wallstreetmillennial.com, and we can sort it out.
#Wallstreetmillennial #china #stockmarket
––––––––––––––––––––––––––––––
Buddha by Kontekst https://soundcloud.com/kontekstmusic
Creative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0
Free Download / Stream: http://bit.ly/2Pe7mBN
Music promoted by Audio Library https://youtu.be/b6jK2t3lcRs
––––––––––––––––––––––––––––––
I don’t know if it’s true but if you look at the face of frauds, you feel uneasy, something isn’t right with this person. Like Thanos, Juicero founders, and this guy.
don't invest in chinese companies simple and sweet
just cant trust the chinese
"facebook of China"…..ahh….that's probably one of the reasons
Where are you getting your script? It is sold to multiple youtube channels.
Same will happen to Facebook meta.
Is this like Luckin Coffee
They're all frauds. What did you expect?
nani!!!
I really don't get why would anyone want to invest in an offshore company that is a subsidiary of another company that has a contract with the actual company in China. That's basically investing in Chinese stocks is.
Not even a surprise anymore since China and Fraud is synonymous to eachother.
I enjoy these videos.
Why those Softbank guys always involved in financial bull shits…..? Wework, Greensil and this one…
Moral of story is: never renren away with investors money
Softbank just can't catch a break can they?
Goated
last
Love this channel