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Rakuten sells entire Pinterest stake as it offloads tech holdings

Japanese e-commerce group follows SoftBank in scaling back new bets

A woman uses her phone as a banner celebrating the IPO of Pinterest hangs on the front of the New York Stock Exchange in April 2019.   © Reuters

TOKYO -- Japanese e-commerce conglomerate Rakuten on Thursday said it sold $1.4 billion worth of shares in its technology holdings, including its entire stake in U.S. social networking service Pinterest, underlying growing concerns about overvaluations in the sector.

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