Japan's Rakuten sells entire Pinterest stake as it offloads tech holdings

Japan's Rakuten sells entire Pinterest stake as it offloads tech holdings

A staff of Rakuten Cafe is seen under a logo of Rakuten Inc at a shopping district in Tokyo August 4, 2014. REUTERS/Yuya Shino

Japanese e-commerce conglomerate Rakuten on Thursday said it sold $1.4 billion worth of shares in its technology holdings, including its entire stake in U.S. social networking service Pinterest, underlying growing concerns about overvaluations in the sector.