Facebook’s banishment from China has certainly worked wonders for Tencent, which became the first Asian firm to ever enter the exclusive club of companies worth more than $500 billion, surpassing even the American social media giant itself in market value on Tuesday — $523 billion to a mere $522 billion.
Hot on Tencent’s heels in this regard is fellow tech giant Alibaba with a $474 billion market capitalization. This year, both companies have seen their share prices double as they’ve crushed even already rosy expectations for growth and success.
Along with being the proud owner of WeChat, the most popular social messaging network in China which has also become completely intertwined with life in the country through its payment system, Tencent is also one of the world’s most successful gaming companies, owning the absurdly addictive “King of Glory.”
In addition, the company has its hands in too many pots to count: from digital streaming deals with the NFL to investments in innovative companies like Didi Chuxing, Mobike, and Tesla.
Tencent has managed to do all of this, joining a list of just a handful of other elite international companies, despite doing very little business outside of China, something that it’s hoping to remedy in the coming years. According to Reuters, the company is already close to rolling out the same WeChat ecosystem we’ve come to know in China in Malaysia as well.
Though, while it may be one of the world’s biggest and most successful companies, Tencent still has a few kinks to work out. Like not translating “black foreigner” to the “n-word,” cracking down on unpatriotic chatbots, and not making its female employees give simulated blowjobs on stage at company events.