Why Weibo's Stock Is Surging Today

Weibo Corporation WB shares are trading higher following reports suggesting the company's chairman Charles Chao and a state investor are in talks to take the company private for $90-$100 per share.

Chao, whose holding company New Wave is the largest shareholder of Weibo, is teaming up with a Shanghai-based state firm to form a consortium for the deal, the report said. 

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, distribute, and discover content in the People's Republic of China.

Weibo's stock was trading about 39.31% higher at $75.66 per share premarket Tuesday. The stock set a new 52-week high of $81.23 and has a 52-week low of $32.50.