Tencent Spends USD1.78 Billion on 5% Stake in Tesla

Yicai

2017-03-28

(Yicai Global) March 28 – Tencent Holdings Ltd. [HKG:0700], one of China’s tech giants, has bought a 5 percent stake in automaker Tesla Inc. [NASDAQ:TSLA] for USD1.78 billion, Reuters reported.

The Shenzhen-based firm will become Tesla’s fifth-largest shareholder once the deal is completed. Elon Musk, chief executive, is the biggest holder with a stake around 21 percent.

Tesla’s shares went up 2.32 percent to USD276.5 in premarket trading today.

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