Tencent eclipses Facebook by reaching $534 Billion valuationBy Robin-Leigh Chetty 22 November 2017 | Categories: news
Outside of its native China, Tencent is relatively unknown, which makes its most recent record setting valuation such a surprise for many. Yesterday, Tencent achieved a valuation of $534.5 billion, beating Facebook's mark of $519.4 billion, which is often held as the gold standard for those in the technology industry.
Along with surpassing the Mark Zuckerberg-helmed social media platform, Tencent also carries the distinction of being the first Asian company to breach the $500 billion mark, tipping Alibaba to the honour.
The technology firm has a widely diverse portfolio, containing the likes of WeChat as well as recently acquired stake in Tesla Motors and Snap Inc.
The past few years have proved quite fruitful for the company, especially when you consider that it went public (IPO) in 2004, with its stock rising by 11 000%, increasing by 126.69% this year alone.
As for what the next few years for Tencent holds, many analysts believe the company will begin to expand its reach outside of Asia and aim to make a significant dent in US and European markets.
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