China’s Tencent Holding Limited is now more valuable than Facebook getting ahead of the social media giant’s net worth by $1 billion.
China’s top-earning conglomerate surpassed one of the most prominent social networks in the world shortly after it reached the $500 billion valuation mark, and beating Alibaba to become the first Chinese technology company to reach that milestone.
Tencent’s market value rose to $523 billion on Tuesday compared to Facebook’s $522 billion worth, according to Shanghaiist.
The Shenzhen-based company is expected to grow even bigger given their numerous business ventures such as the massively popular mobile game “King of Glory” and “Clash of Clans,” which they purchased a year ago for $8.6 billion.
China’s leading tech giant reportedly made investments in companies such as Tesla, ride-sharing company Didi Chuxing and bike-sharing service Mobike. However, Tencent is not stopping there as they’ve also invested in American social media company Snap as well as startups such as India’s alternative to Uber called Ola Cabs, according to CNBC.
Stephen Wang, Chief of User Growth & Engagement, Tencent (Photo via Flickr / RISE(CC BY-SA 2.0))
Tencent’s stock reportedly skyrocketed to a whopping 126.69% in 2017 alone. It isn’t just a top-earning company, they are known as a high-paying company as well.
The tech giant reportedly paid an unidentified employee a $40 million salary and bonuses, while three other employees were paid somewhere between $29.7 million to $33.8 million.
Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.
Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.
We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.