China’s popular social media and video game app Tencent has beaten Facebook in market value. The company has now become one of the top 5 biggest companies in the world.
The shares of Tencent have become double this year, which is much more than expected by analysts. The market capitalization of Tencent as recorded on Tuesday was 4.15 trillion Hong Kong dollars that are $531 billion. Facebook’s market capitalization recorded was $519 billion. Thus Tencent has overtaken Facebook in market capitalization.
This has made Tencent one of the world’s most valuable companies. It is in the top 5 now. Apple is leading in market share value with $873 billion, Tencent is quite behind Apple but not so far either.
The famous Wechat platform of Tencent has one billion users. People can chat, send receive messages, and post pictures, play games, and also transfer money via this platform.
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The app has brought revolution in tech sector of China. It is one of the top 3 companies in China with Baidu and Alibaba. Together they are called BAT. Tencent out of the three is the first to achieve $500 billion milestone, first to become the richest company in Asia and the first Chinese company to beat Facebook.
Facebook, Amazon, Apple, Microsoft, Google, they are the pillars of the tech industry in the world Getting up to their level and even beating one of them in market value is a huge achievement by Tencent.
Outside China, Tencent is not known to everybody. Facebook in comparison to Tencent has huge popularity and more users. In market share though, this time Tencent has overtaken Facebook. We can assume that Tencent will now become even more popular amongst the general public in the years to come.