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Tencent's $292 Billion Rally Ousts Facebook From Global Top Five

  • Chinese firm is now the world’s most valuable social network
  • Mega-rally this year is stretching its stock valuations
Bloomberg business news

Our Social Media Accounts Are Driving Us Crazy

Tencent Holdings Ltd. has surpassed Facebook Inc. in market value, becoming the first Chinese technology company to join the ranks of the world’s five largest corporations.

Investors piled into the Chinese social networking giant, extending this year’s rally to 127 percent and boosting its market value by some $292 billion as of Tuesday’s close. That year-long surge has made founder Ma Huateng the mainland’s second-richest man and lifted the entire Hong Kong bourse. The operator of the ubiquitous WeChat messaging service is now valued at $523 billion, a whisker above Facebook’s $522 billion on Monday.