Tencent, China’s Social Media Platform, Surpasses Facebook To Become Asia’s First $500 Billion Company
Mumbai, November 22: China’s biggest tech giant Tencent Holdings is now worth more than Facebook. Yes, it’s true! Tencent, China’s social media and video game firm, overtook Mark Zuckerberg’s Facebook in market value on Tuesday as investors sent it soaring to the top five list of the world’s biggest firms. Tencent is the first Asian firm to surpass a market value of $500 billion.
Tencent’s share price surged after the announcement of rolling out its WeChat payment services in Malaysia next year. Tencent also bought a 12% stake in Snapchat earlier this month. Reports also state that the firm invested in 41 tech startups in the U.S. since 2011. Facebook and Amazon both crossed the $500 billion thresholds this past summer.
The shares of Tencent doubled in value this year in Hong Kong, as its earnings have repeatedly outmatched analysts’ expectations. Reports state that a second stock connection with mainland China which opened late last year has allowed even more money to flow onto the semi-autonomous city’s exchange.
Tencent owns WeChat which has close to 1 billion users., an enormously popular messaging app in China, and hit gaming franchises such as League of Legends and Honour of Kings. As per Forbes, the company’s chief executive, Ma Huateng, is now worth more than the founders of Google, Larry Page and Sergey Brin. The Forbes magazine valued him at $48.3bn on Tuesday, making him the world’s ninth richest man according to its ranking.