Home Business News Tencent’s big gains while shares of scandal-hit Facebook continue to slid

Tencent’s big gains while shares of scandal-hit Facebook continue to slid

by LLB Reporter
21st Mar 18 11:45 am

Chinese gaming giant is about $72bn more valuable than Facebook now

As shares of Facebook continue to slide on day three amid data mining controversy culminating from Cambridge Analytica, Chinese internet giant Tencent Holdings has solidified its position further.

In a trading update today, the Chinese gaming giant posted a 98 per cent rise in quarterly net profit, making it about $72bn more valuable than Facebook.
Facebook shares have fallen over 2 per cent to $165.23 in early New York trade.

Meanwhile, Cambridge Analytica has suspended its boss Alexander Nix. The chief executive’s comments, secretly recorded by Channel 4 News, “do not represent the values or operations of the firm,” it said.

Britain is now investigating whether Facebook did enough to protect data after a whistleblower said that the London-based political consultancy improperly accessed information of 50m social media users to sway public opinion.

Facebook has said that it hasn’t violated the rules.

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