Tencent Overtakes Facebook, Now World’s 5th Most Valuable Company
Shares of Tencent Holdings Ltd. rallied this week as the Chinese social network and gaming firm overtook Facebook in market value to become the 5th most valuable company in the world.
Led by billionaire Pony Ma, the company’s earnings were driven by its messaging app WeChat, mobile games such as Honour of Kings, and Tencent Video, China’s version of YouTube. It is also rumored that the company may soon roll out the WeChat ecosystem in Malaysia.
Standing at $522 billion, Tencent has managed to become the most valuable company in China and in Asia, bested only by Apple, Google, Microsoft, and Amazon.