Tencent grabs Facebook’s social media crown with rally that adds US$207 billion to market value
Tencent Holdings blasted past Facebook to become the world’s most valuable social media network operator by market capitalisation on Tuesday. It now also ranks as the seventh largest company globally.
The Chinese online games and WeChat giant soared 4.5 per cent to HK$543.50, taking its market capitalisation to just under HK$5.2 trillion (US$670 billion), compared to the American rival’s market value of US$657.8 billion.
Tencent has rallied about 45 per cent this year in Hong Kong, adding HK$1.6 trillion in value to investors. Facebook gained about 14 per cent in New York during the same time.
Just over two weeks ago, Alibaba, the e-commerce behemoth and owner of the South China Morning Post, ousted Facebook as the world’s sixth most valuable company. Alibaba’s market capitalisation is about US$677.4 billion.