Tencent has lessened its ownership stake in Glu Mobile. As spotted by Pocket Gamer, Securities and Exchange Commission filings by the mobile publisher this week said that Tencent sold about 5% of Glu Mobile on the open market for a total of $56.26 million.
That was roughly a quarter of Tencent's stake in the company, as it still controls about 14.46% of Glu Mobile shares. The sale brings Tencent's control of Glu near to where it was in 2015 when it made an initial investment of $126 million for 14.6% of the company.
Glu Mobile shares have dropped sharply in recent months. The stock peaked at $11.75 in April, but has slid since, closing at $7.84 on the day of Tencent's sale. Even so, they are still up significantly on a longer timeline; in late 2016, Glu Mobile shares hit lows beneath $2.