Chinese tech giant Tencent is now the world’s 10th biggest company. Take that, Wells Fargo!
Tencent has seen its stock climb 43% in the past year, pushing its market value up to $279 billion and just past the American banking behemoth. Here’s a Bloomberg bar graph for context:
Tencent has manged to join this list of elite international companies, despite doing very little business outside of China. Most people likely know the company for its social network, WeChat, which has become completely intertwined with life in China, along with its online gaming platforms.
But, according to Fortune, what really has piqued investors interests is its tremendously successful payment system, which passed 600 million monthly average users in December while generating 600 million transactions a day. Heck, on Lunar New Year’s Eve, 14 billion virtual hongbao were exchanged through its service.
Hoping to repeat its success with mobile payments and capitalize on more emerging markets, Tencent also recently bought a 5% stake in Tesla for a cool $1.8 billion. The company is already a big investor in Didi Chuxing, China’s biggest ride-hailing service.
Anyway, we can’t wait to see how they celebrate this achievement at the next company event!
Simulated blowjobs for everyone!
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