Poor Wells Fargo: the US banking giant has been edged out of the world's top 10 biggest firms by market cap - and by a Chinese company, no less.
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The company has been sent into 11th position in the world's largest companies by internet behemoth Tencent, adding to the already tech-heavy list. Six of the top 10 firms are now technology-based, including all of the top four (Apple, Alphabet, Microsoft and Amazon).
The Hong-Kong listed firm's market cap has now trumped the US-based multinational bank, making it the only Chinese firm among the big US names.
Tencent, best known for its WeChat messaging service, made headlines last week when it bought a five per cent stake in Elon Musk's electric car firm Tesla. Shortly after, Tesla became the second-largest American car firm by market value after General Motors, passing Ford Motor.
While the other top 10 firms all had wide global businesses, Tencent has most business within China and makes a small portion of its revenue from abroad.
Its social network WeChat is the biggest in China and has 889m monthly average users, while Tencent has picked up overseas acquisitions in the form of Supercell and Riot Games.
Its payment system also passed 600m monthly average users in December, and they generated 600m transactions a day, the firm noted in its March earnings report.
Tencent's stock price edged up 1.6 per cent yesterday, pushing it ahead of Wells Fargo with a market cap of US $279bn.
While its stock dropped back 0.7 per cent today, the firm was still valued at $277bn, enough to keep it in the top 10.
The world's biggest public companies
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