Ma Huateng Becomes the Wealthiest Man in China

49-year-old Entrepreneur,  Ma Huateng is now the wealthiest man in the world’s most populated nation.
Ma Huateng who is also referred to as “Pony Ma” by fans, is the currently the Chairman and Founder of Tencent Holdings, China’s largest Internet company.

According to the Bloomberg Billionaire’s Index, which was first published by Nairametrics, Ma Huateng is  worth $64.6 billion, surpassing Zhong Shanshan’s $62.5 billion.

Ma Huateng now ranks as the youngest of the world’s first 15 multi-billionaires.

About Ma Huateng

Ma Huateng founded Tencent five years after graduating from Shenzhen University’s Computer Science program. To start the business, he teamed up with four of his classmates. Tencent is the technology business and behind social media behemoth WeChat, which boasts of a user base of over 1 billion people.

WeChat and QQ

QQ, Tencent’s first offering, was an instant messaging service that brought together early adopters of desktop computers and cell phones. According to the Wall Street Journal, it soon became China’s biggest instant-messaging site.

QQ was an early success for the company. It raised over $32 million in funding over the next two years and went public in 2004.

Its most popular offering to date was released in 2011: wechat.com, a massive social media platform of over a billion users. WeChat has a large market share in China’s massive online market, where Facebook and WhatsApp have been banned. It also provides additional services to its users, such as shopping and gaming.

Tencent’s main sources of revenue are advertisements and premium subscribers.

Furthermore, Tencent’s Ma Huateng is clearly a proponent of diversification. The company’s tentacles have spread to a variety of areas and markets, primarily in the United States.

Tencent has invested in the following companies, according to CNBC:

1. It owns a 5% stake in Tesla Motors.
2. A 10% stock exchange for Spotify
3. A 10% interest in Snap Inc.

About Roy Emmanuel

Check Also

Central Bank freezes over 150 bank accounts of Bureau De Change Companies, others

The Federal High Court in Abuja has reportedly ordered the Central Bank of Nigeria (CBN) …

Leave a Reply

Your email address will not be published. Required fields are marked *

Covid-19 updates

Stay Safe