Weibo chairman, state firm plan to take China's Twitter-like service private

Weibo chairman, state firm plan to take China's Twitter-like service private

Nasdaq-listed Weibo Corp’s chairman and a Chinese state investor plan to take China’s answer to Twitter private, sources told Reuters, sending its shares as much as 50% higher on Tuesday.

A deal could value Weibo at over $20 billion, facilitate shareholder Alibaba’s exit, and see Weibo eventually relist in China to capitalise on higher valuations, the sources said.

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