The once “Chinese Facebook” renren.com will be sold for $20M
Posted On November 15, 2018
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It was announced by renren.com on the 14th that all its belonging business is to be sold to Beijing Infinities Interactive Media for $20M, whose market value has shrunk by more than 90% from its initial valuation of $9.4 billion after being listed on the New York Stock Exchange. renren.com is a social networking website targeting young people and in the past monopolized 80% of the Chinese college students market.