Tesla’s new China backer: A tech giant with hundreds of millions of users

Tech and gaming giant Tencent (TCEHY) just ponied up $1.8 billion for a 5% stake in Tesla(TSLA).

Led by its media shy CEO, “Pony” Ma Huateng, Tencent is huge. It has a market value of more than $275 billion, eclipsing that of Chinese e-commerce giant Alibaba (BABA, Tech30).

Tencent owns messaging app WeChat, which boasts 889 million active users and is used for texting, paying bills, gaming and even booking karaoke sessions.

Tencent is also China’s largest video game developer and publisher, holding a big piece of the global market. It acquired Finnish company Supercell last year, the maker of popular mobile games Clash of Clans and Clash Royale. Tencent’s online game revenues topped $10 billion in 2016.

 

CNN

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