Tencent Widens Its Lead Over Facebook
- The WeChat operator is widening its lead on Zuckerberg’s firm
- Investors are betting on its gaming and social media heft
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Tencent Holdings Ltd. is widening its lead over Facebook Inc. as the world’s most valuable social network company, riding a growing wave of optimism in Chinese technology.
The WeChat operator, which briefly overtook its U.S. counterpart in capitalization during Asian hours in November, has shot ahead after Facebook’s recent selloff. The U.S. company’s shares have slid more than 5 percent since co-founder Mark Zuckerberg outlined plans to highlight content from family and friends at the expense of media outlets and businesses. Tencent’s risen by almost the same amount over that period, establishing a $19 billion lead.