Digital
Transformation
Festival


16 March - 24 April 2020

Our online festival is underway with a packed programme of interviews and panels. Featuring talks from the industry’s biggest brands and most innovative individuals, this event explores what digital transformation really means for marketing.

Finished
16 Mar 10:00 GMT / 06:00 EST

The Drum Digital Transformation Festival launch

FEATURING
Gordon Young
Editor-in-chief at The Drum

Chinese internet giant Tencent buys 5% stake in Tesla

Tencent has bought a 5% stake in Tesla

Tencent has bought a 5% stake in Tesla, making it one of the company’s biggest shareholders.

The Chinese internet giant Tencent Holdings bought more than 8 million shares in the electric-car company, worth $1.8 billion.

The move makes Tencent the fifth largest shareholder in the company. Chief executive Elon Musk remains the largest shareholder with 21% of the company.

The news led to an increase in Tesla’s share price, which rose 2.3% following the announcement. Tencent's share price also gained 0.8% in Hong Kong.

Last week, Tencent reported a record year for revenues in 2016, which grew 48% to RMB151.9 billion ($21.9 billion), while Q4 results jumped 44%.

Tencent, which owns the social messaging app WeChat, also has shares in Snap and the ride hailing app Didi Chuxing.

Join us, it's free.

Become a member to get access to:

  • Exclusive Content
  • Daily and specialised newsletters
  • Research and analysis

Join us, it’s free.

Want to read this article and others just like it? All you need to do is become a member of The Drum. Basic membership is quick, free and you will be able to receive daily news updates.