| Title | Chinese Social Network Tencent Surpasses Facebook in Market Value | |
| Date | Wednesday November 22 2017, @02:02AM | |
| Author | martyb | |
| Topic | ||
| from the how-much-would-$500b-in-dimes-weigh? dept. | ||
Tencent's $292 Billion Rally Ousts Facebook From Global Top Five
Tencent Holdings Ltd. has surpassed Facebook Inc. in market value, becoming the first Chinese technology company to join the ranks of the world's five largest corporations.
Investors piled into the Chinese social networking giant, extending this year's rally to 127 percent and boosting its market value by some $292 billion as of Tuesday's close. That year-long surge has made founder Ma Huateng the mainland's second-richest man and lifted the entire Hong Kong bourse. The operator of the ubiquitous WeChat messaging service is now valued at $523 billion, a whisker above Facebook's $522 billion on Monday.
Investors are betting that Tencent can lean on its billion-plus users and hit games like Honour of Kings to evolve into an advertising and entertainment titan along the lines of a Google or Facebook. Created almost two decades ago as a web portal before morphing into one of the world's biggest purveyors of video games, the argument is that its dominance of Chinese social networking also bankrolls an expansion into newer markets from video streaming to finance.
Also at TechCrunch.
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printed from SoylentNews, Chinese Social Network Tencent Surpasses Facebook in Market Value on 2024-04-23 06:10:25