Chinese billionaire Chen Tianqiao's Shanda Group has increased its stake in troubled online lender Lending Club to 15.1%, two days after its founder and CEO Renaud Laplanche was forced out. The move comes as the company faces mounting pressure from regulators over how it handles bad loans on its platform.
Chinese billionaire Chen Tianqiao's Shanda Group has increased its stake in troubled online lender Lending Club to 15.1%, two days after its founder and CEO Renaud Laplanche was forced out. Chen had previously hinted that he viewed Lending Club's crumbling stock as a buying opportunity and has been investing in the company since March.