Tencent Dangles Billions in Aid As Antitrust Scrutiny Grows
- Pony Ma’s company will spend $7.7 billion to help society
- His stated objectives overlap and align with Xi Jinping’s
Tencent Holdings Ltd. founder Pony Ma pledged $7.7 billion toward curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on internet giants.
The billionaire chief executive officer on Monday pledged to set aside 50 billion yuan for a “sustainable social values” program, in what would be one of China’s largest corporate philanthropic initiatives. Tencent promised to tackle a plethora of issues from renewable energy and scientific education to health care and rural revitalization -- a centerpiece of Xi’s over-arching policy framework. The gaming and social media giant intends to fold its existing foundation and philanthropic activity into a new unit to oversee the initiative, which also encompasses carbon neutrality, the provision of food, water and energy, and general public welfare.