June 25, 2020

Jack Ma no longer the richest person in China, Tencent’s Ma Huateng takes crown

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Tencent Holdings is currently China’s largest game developer. It has even surpassed Alibaba Group Holding Ltd as Asia’s most-valuable company with its shares rising above HK $500 on Wednesday

Ma Huateng, founder and CEO of Chinese Internet giant Tencent Holdings, has dethroned Alibaba Founder Jack Ma form the title of ‘Richest Man in China’, according to Bloomberg Billionaires Index. Huatang has a total net worth of $50 billion.

Tencent Holdings is currently China’s largest game developer. It has even surpassed Alibaba Group Holding Ltd as Asia’s most-valuable company with its shares rising above HK $500 on Wednesday.

Tencent’s recent stock surge is the key reason being its CEO’s growing wealth. He surpassed Jack Ma who has a net worth of $48 billion earlier today. Ma Huateng, who goes by “Pony Ma” (where ‘Ma’ means ‘horse’ in Chinese), is not as global renowned as Jack Ma, but is one of the most recognised faces in China.

Ma Huateng founded Tencent in 1998 along with four of his classmates. He has a Bachelors of Science degree from Shinzen University in China. He currently owns 7 per cent stake in Tencent. He had sold some shares earlier this year, raising his net worth by $757 million, according to Bloomberg.

Tencent is one of the world’s largest video game company. It also has a major presence in programming social media platform and has become one of China’s largest social media companies. One of the social media platforms run by Tencent is WeChat (China’s version of Whatsapp). In the gaming space, it provides some of the most popular titles including Honour of Kings, PUBG Mobile and League of Legends.

Also Read: SoftBank founder Masayoshi Son steps down from Alibaba board

Also Read: Alibaba founder Jack Ma resigns from SoftBank board





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