Company’s share price rose 2.4 per cent today
Just a day after it became the first Asian technology firm to enter the $500bn valuation mark, China’s biggest social media network and gaming firm Tencent Holdings has now surpassed Facebook in terms of market value.
On Tuesday, the Chinese giant behind the WeChat messaging app surpassed Facebook in value after its shares hit a record high of 439.6 Hong Kong dollars giving it a market capitalization of $534.5bn, surpassing Facebook’s value of $519bn.
With a valuation of $48.3bn, Forbes magazine has stated that Tencent’s chief executive, Ma Huateng, is worth more than the founders of Google, Larry Page and Sergey Brin.
Last week, the 19-year-old company had posted better-than-expected third-quarter results, sending shares up.
The company’s WeChat app dominates in China, where Facebook, Twitter and Google are banned. The messaging app has 500m users in China which acts as a “portal” for thousands of different products, from payments to customer service.
The company also has a stake in Snap, the company behind Snapchat, ride-sharing app Lyft and electric-vehicle maker Tesla.
Despite its phenomenal growth, Tencent is way behind the world’s most valuable company, Apple, which is currently valued at $873bn.