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Why Cheetah Mobile Stock Skyrocketed Today

Why Cheetah Mobile Stock Skyrocketed Today

Shares of Cheetah Mobile (NYSE: CMCM) have skyrocketed today, up by 45% as of 12:20 p.m. EDT, after the company announced a large special cash dividend. The Chinese tech specialist said it has sold off its stake in TikTok parent ByteDance. Cheetah Mobile's board of directors has approved a special cash dividend of $1.44 per American depositary share (ADS), or $0.14 per ordinary share.