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By Kim Khan
Investing.com – Japanese e-commerce giant Rakuten has shed its entire stake in social media company Pinterest (NYSE:), according to a published report Thursday.
Shares of Pinterest (NYSE:) fell 0.1% in afternoon trading.
Rakuten, known as the Amazon of Japan, sold $1.4 billion in tech holdings, including all of its shares in Pinterest, of which it was an early investor, Nikkei Asian Review reported.
The move underscores concerns about overvaluation in tech and communications services, the Nikkei said.
Rakuten first invested in Pinterest when it was a startup in 2012. The social media scrapbook company went public in April 2019.
Pinterest shares shot up last week after the company reported strong fourth-quarter results, accompanied by solid guidance.
Investors and Wall Street analysts had been concerned following a third quarter ss in revenue, but the latest numbers indicated the company was bouncing back.
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