Facebook has been so busy trying to keep Twitter and Snapchat in check that it probably never saw this one coming…
China’s Tencent has overthrown the social media giant by billions of dollars. That’s right — billions.
In USD, Tencent is now worth a whopping $534.5 billion whereas Facebook “only” totals $519.4 billion, according to reports.
With this 13-digit valuation, the Chinese investment conglomerate has become only the second company in the country’s history to break $500 billion. Tencent’s prized WeChat makes up the lion’s share of the brand with over a billion users and counting. The app was first introduced in 2011, and since it has become one of the largest standalone messaging systems in terms of monthly users.
As a whole, Tencent also provides media, gaming, news, entertainment, social networking, internet services, e-commerce, smartphones, artificial intelligence, advertising and more — pretty much anything you can think of when it comes to mass communication and information.
Your move, Facebook.
Source: Hypebeast
