Weibo stock rises after new $500 million ADS repurchase program

Shares of Weibo Corp. rose 1.1% in premarket trading Thursday, after the China-based social media company announced a $500 million American depositary share (ADS) repurchase program. The program, which will expire on March 31, 2023, represents 8.3% of Weibo's market capitalization of $6.04 billion as of Wednesday's stock closing price of $24.68. The company said it will fund the program with existing cash on hand. The stock has tumbled 20.3% year to date through Wednesday, while the iShares MSCI China ETF has dropped 12.6% and the S&P 500 has slipped 3.4%.

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