Tencent's Top Shareholder Prosus Embraces Tech's New Normal

The chill in technology markets has spread to Prosus, the problematic Amsterdam-listed investment company that sometimes appears insulated from wider trends by its $94 billion stake in Chinese internet giant Tencent. Prosus said Wednesday that its half-year consolidated trading losses more than doubled to $449 million, as it continued to invest in its roughly $30 billion portfolio of e-commerce ventures, which are engaged in cash-hungry businesses such as food delivery and fintech. It also signaled that this would be the peak period for cash burn as it adapts to the rising cost of capital by cutting costs and shifting its…