Tencent is now bigger than Facebook
According to China-Channel, WeChat's parent company Tencent has surpassed Facebook this year in terms of market capitalisation, making it the world's fifth largest public corporation.
Facebook, the world's leading social networking corporation, owns Instagram, WhatsApp, Facebook Messenger, Oculus and the Facebook app/website itself. Tencent, the Chinese counterpart, on the other hand, owns WeChat, QQ, the two Chinese-based apps that share the same function of Facebook and Instagram, as well as an array of gaming and video/music streaming apps.
When breaking down the companies' total revenue, we see that Tencent gains profit from a diverse array of sources – from video streaming to music apps, to news search engines. And thanks to all of its gaming apps, which give Tencent huge revenue, the Chinese company beats Facebook, which makes most of its money from advertising.
How does Facebook fight back you ask? Well, they'll have to find a way back into China it seems. They're already looking for office space in Shanghai...