WeChat, the Chinese messaging service that started out as a startup with one user per device, has raised $13 billion in funding, and the company’s stock price has dropped below $20 a share.
WeChat has been in the news a lot lately.
Its recent stock price plunge was one of the biggest market-wide drops on record, and it recently announced a $1 billion cash infusion.
WeChat has become one of China’s most important social media companies and has built up an incredible user base.
But the company is struggling to turn itself around as the market moves away from mobile phones.
We have been under pressure from Chinese regulators to get more money out of its messaging service, which has been the mainstay of Chinese social media for more than a decade.
Earlier this month, regulators ordered WeChat to slash its messaging revenue by 30 percent, or more than $100 million, by March 31.