Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg
Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg

Muddy Waters calls Chinese social media company Joyy ‘multi-billion dollar fraud’ right after Baidu deal

  • Bots with links to YY’s own servers, but disguised as paying users, accounted for about half the value of all virtual gifts, according to Muddy Waters
  • On Monday Baidu announced plans to buy YY for about US$3.6 billion to ‘gain platform and operating experience in large-scale video social media’

Topic |   China technology
Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg
Nasdaq-listed shares of Joyy tumbled 26 per cent to close at US$73.7 on Wednesday after the Muddy Waters report was released. Photo: Bloomberg
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