Tencent overtakes Facebook to enter world's top five most valuable listed companies

 
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Tencent CEO Pony Ma Huateng Attends Big Data Expo 2017
Ma Huateng briefly became one of the top 10 richest people in the world (Source: Getty)

Chinese tech company Tencent became worth more than Facebook earlier today as its shares jumped.

The makers of the WeChat messaging app became the fifth most valuable listed company in the world and the first firm in China to be worth more than $500bn (£378bn).

But Facebook later regained ground and the two companies were roughly neck and neck at the time of writing.

Tencent’s market cap has more than doubled so far this year to $523bn. Last week it said its profits had jumped nearly 70 per cent.

Earlier this month it also took a stake in Snap, the makers of Snapchat. The app is generally seen as a direct rival to Facebook-owned Instagram.

Tencent's rally today also briefly made its chief executive Ma Huateng even richer than the founders of Google, according to Forbes. But he ended the trading day with a slightly smaller pile of wealth and slipped back out of the top ten richest men in the world.

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