Europe's new tech giant is 100 times more outrageous than Facebook

At Facebook, Mark Zuckerberg and his co-founders have "Class B" shares, which enjoy 10 times as many votes as the "Class A" shares that are publicly traded. Foto: Bloomberg photo by Marlene Awaad

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...

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