2/13, 8:39 PM (Source: TeleTrader)
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Rakuten sells its Pinterest stake

Rakuten Inc. announced on Thursday that it sold its entire ownership interest in Pinterest Inc., along with its other technology holdings stock with a total value of $1.4 billion.

In the latest earnings report, Rakuten revealed that its operating loss landed at ¥40 billion ($364 million) in the fourth quarter of fiscal 2019, with its ride-hailing firms presenting the biggest burden to profitability. All earnings from the latest transactions will not be reinvested, but used for Rakuten's operations instead, CFO Kenji Hirose said, emphasizing that the timing was right to "monetize our investments."

Pinterest's stock lost 30.97% in the last six months and Rakuten exit is expected to signal a move towards the domestic market for the Japanese e-commerce group.

Breaking the News / MS