Tencent, a Chinese Internet giant, bought a 5 percent stake in Tesla

Tencent, a Chinese Internet giant, bought a 5 percent stake in Tesla

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Tencent, owner of the Chinese popular messaging app WeChat, has bought a 5 percent stake in Tesla. The company worth USD 275 billion, more than e-commerce giant Alibaba, paid for the stake in Tesla USD 1.8 billion.

The mobile app WeChat, owned by Tencent, has 889 million active users and can be 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.
The acquisition of stake in Tesla is Tencent’s second major U.S. investment after Snap (formerly known as Snapchat). Last year Chinese Internet giant acquired also Finnish company Supercell, the maker of popular mobile games Clash of Clans and Clash Royale.
China is an important market for Tesla. Elon Musk, Tesla CEO, expects China to be one of its biggest markets in the future. The carmaker’s China sales tripled to more than $1 billion last year, accounting for 15 percent of its annual $7 billion in revenue.

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