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RENN - Renren In Search Of Identity As Its Stock Surges On Lawsuit Settlement
Renren Inc. American Depositary Shares each representing fifteen Class A
A 45% surge in shares of Renren, once pegged as the ‘Facebook of China,’ earlier this month was fueled by settlement of a shareholder lawsuit.
Despite a $600 million market value after the jump, company is still in search of a long-term business model.
In trying to stay alive and thrive during the years when its networking platform was in decline, Chairman Chen Yizhou steered Renren in a new direction by buying stakes in startups that had little to do with the social media.