Alex Webb, Columnist

Europe's New Tech Giant Is 100 Times More Outrageous Than Facebook

The Dutch listing will give "A Class" investors 1,000 votes a share. Euronext and index creators should fight back.

June 7, 2019 at 9:31 AM UTC

Corrected

June 10, 2019 at 8:04 AM UTC

Alex Webb is a correspondent for Bloomberg Quicktake. He previously covered the technology, telecoms and media industries in London, San Francisco and Munich.

A U.S. tech practice better left at home.
Photographer: Noah Berger

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Europe wanted a consumer technology giant to rival Silicon Valley. It’s getting one – along with California-style disregard for public investors.

When Naspers Ltd. lists its technology investing unit in Amsterdam next month, the new company will have a market capitalization that’s likely to top $100 billion, a valuation derived entirely from its 31 percent stake in Tencent Holdings Ltd. The parent trades at a discount to the value of its holding in the Chinese web giant.